Raymundo's Food Group on the sale of its Desi Natural™ and Noga™ brands to ICV Partners
February 21, 2023
Lazard advised Raymundo's Food Group ("Raymundos"), a portfolio company of AUA Private Equity Partners, on the sale of its Desi Natural™ and Noga™ brands and related assets to ICV Partners who will form a new company, Desi Fresh Food ("Desi Fresh" ).
Qian Elmore, a Managing Director at ICV, said, “ICV is excited to create a new company that is a leader in its category. Desi Fresh Foods growth has outpaced the growth of the South Asian population and appeals to the broadening American consumer’s palate. We think there is considerable opportunity to bring Desi Fresh Foods products to more grocers in America.” Mr. Elmore further stated, “The Desi NaturalTM and NogaTM brands are also a good value, consistently high quality and better for you products consumers like, especially in today’s economy.”
Willie Woods, President of ICV, commented, “Our investment in Desi Fresh Foods is the result of our intentional pursuit of niche food companies that produce key ingredients for consumers and foodservice. The American consumer has become more adventurous and looks for authentic ethnic foods and diverse flavor profiles. We are always looking to invest in companies that address that demand."
Desi Fresh Foods represents another emerging, fast-growing branded food and beverage transaction for Lazard's Consumer, Food & Retail Group within the Private Market Advisory Practice and highlights the continuation of the group's focus in the branded CPG food and beverage space.
About Desi Fresh Foods
Desi Fresh Foods is the leading producer of dahi, or South Asian yogurt, and lassi, a drinkable South Asian yogurt, in the United States. Dahi is a traditional yogurt that is primarily used as an ingredient in South Asian meals, side dishes and beverages. Dahi has a unique blend of sweet and sour taste, as well as a firm texture, that makes it an essential staple in many South Asian cuisines. The Desi Natural brand is the leading brand of dahi in the United States.
Desi Fresh Foods is located in Farmingdale, NY where it operates its primary plant. The Company will be led by Larry LaPorta as CEO. Mr. LaPorta has run the business since 2018 as its general manager. Prior to Desi Fresh Foods, Mr. LaPorta was an executive in marketing and operating roles at Beiersdorf, Revlon, and Kraft Foods.