M&A Deal Summary

ICV Capital Partners Acquires Desi Fresh Foods

On February 21, 2023, private equity firm ICV Capital Partners acquired food company Desi Fresh Foods from Raymundos Food Group

Acquisition Highlights
  • This is ICV Capital Partners’ 4th transaction in the Food sector.
  • This is ICV Capital Partners’ 31st transaction in the United States.
  • This is ICV Capital Partners’ 4th transaction in New York.

M&A Deal Summary
Date 2023-02-21
Target Desi Fresh Foods
Sector Food
Buyer(s) ICV Capital Partners
Sellers(s) Raymundos Food Group
Deal Type Divestiture

Target

Desi Fresh Foods

Farmingdale, New York, United States
Desi Fresh Foods develops and markets branded Indian yogurts (Dahi) and cheese (Paneer) which is predominantly sold through ethnic retailers. Desi has established itself as the #1 Indian Dahi brand in the U.S. The company enjoys the widest brand awareness, highest net promoter score, and widest distribution among any Dahi brand in the U.S. Desi Fresh Foods is based in Farmingdale, New York.

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Buyer(S) 1

Buyer

ICV Capital Partners

Miami, Florida, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1998
PE ASSETS 700M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

ICV Capital Partners is a private equity firm focused on making equity investments in US-based middle-market companies. ICV seeks control investments in companies with annual revenues between $25 and $300 million and EBITDA between $10 and $40 million. ICV prefers businesses with existing/proven management and operating in stable industries. Target transactions include non-core divestitures, take-privates, and acquisitions of private companies in partnership with management. ICV Capital Partners was founded in 1998 and has offices in New York and Atlanta, Georgia.

DEAL STATS #
Overall 33 of 33
Sector (Food) 4 of 4
Type (Divestiture) 2 of 2
State (New York) 4 of 4
Country (United States) 31 of 31
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-01 Sullivans

Sioux Falls, South Dakota, United States

Sullivans is a designer and distributor of seasonal and all-occasion home décor products that are sold principally to independent and specialty channel retail customers in the U.S. The Company's primary product lines include holiday and celebration decorations, permanent floral and foliage products, home décor items and accessories. Sullivans was founded in 1968 and is based in Sioux Falls, South Dakota.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-08-26 Horizon Air Freight

Jamaica, New York, United States

Horizon Air Freight is a specialized freight forwarder focused on the marine industry serving leading U.S.and international shipping companies and cruise lines. Horizon Air Freight was founded in 1970 and is based in Jamaica, New York.

Sell -

Seller(S) 1

SELLER

Raymundos Food Group

Bedford Park, Illinois, United States
Category Company
Sector Food
DESCRIPTION

Raymundos Food Group is a manufacturer and marketer of predominantly branded refrigerated snacks and desserts. The Company’s portfolio of gelatins, flans, puddings and other ready-to-eat products has strong connectivity to the growing Hispanic demographic in the United States, and provides a unique value-proposition to food retailers. Raymundos Food Group is based in Bedford Park, Illinois.

DEAL STATS #
Overall 2 of 2
Sector (Food) 2 of 2
Type (Divestiture) 2 of 2
State (New York) 2 of 2
Country (United States) 2 of 2
Year (2023) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-02-21 Noga Dairy

Farmingdale, New York, United States

Noga Dairy is a marketer and manufacturer of branded and co-manufactured drinkable yogurts, dahi (Indian style yogurt), Greek and Suisse-style yogurts, refrigerated dips and other specialty and ethnic dairy products. The company is certified organic, its products contain all-natural ingredients, and many of its products contain probiotic cultures. Noga Dairy was founded in 1992 and is based in Farmingdale, New York.

Sell -
Mergr

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