Swiss milk processor Emmi has purchased Indulge Desserts from AUA Private Equity for an undisclosed sum, in a move to strengthen its dessert business in the US.
The initial agreement was made last month in which Emmi agreed to buy an 87.7% stake in the dessert company to extend its presence to the US market.
Established in 1993, Indulge Desserts manufacturers premium American and international desserts – including authentic Italian desserts – that it supplies to foodservice, national retailers and ecommerce outlets across the US. Its portfolio also includes the Cannoli Factory, Love & Quiches, Elegant Desserts and Joey’s.
Based in the New York metropolitan area, the company operates four manufacturing facilities and is said to generate annual sales between $80-90 million.
With the acquisition, Emmi says it will be able to participate even more strongly in the growing dessert segment, as well as extend its footprint to the US and open up new distribution opportunities for its Italian desserts.
Established in 1907, Emmi entered the dessert business in 2012 with its acquisition in Italy of A-27 and it has since bought three more; Rachelli, Italian Fresh Foods and Pasticceria Quadrifoglio. Together as Emmi Dessert Italia, the milk processor says it has become a significant provider of desserts in Europe.
Following the deal, founder of Indulge Desserts, John Alair Garcia, will retain a minority stake in the company and will continue with the business in a senior leadership role.
“With Indulge Desserts we are not only acquiring a highly innovative and agile centre of excellence for desserts with a strong market position in the USA, we are also opening up new sales opportunities for our premium desserts from Italy,” said Urs Riedener, CEO of the Emmi Group.
Andy Unanue, managing partner of AUA Private Equity, added: “Indulge Desserts is emblematic of AUA Private Equity’s investment strategy – partnering with founder/family owners and building an institutional foundation for accelerated growth. We are extremely pleased to celebrate Indulge Desserts and are excited for the next chapter of the company’s growth.”
© FoodBev Media Ltd 2019