GraceKennedy Acquires La Fe Foods
GraceKennedy, a Caribbean-based corporate entity, and its wholly owned subsidiary, GraceKennedy Foods (USA) LLC, acquired La Fe Foods, Inc., a Moonachie, N.J., frozen Mexican food processor.
Established in 1968, La Fe Foods currently has revenues of approximately $80 million, and has operations in Moonachie, Miami, and Raleigh, N.C., with brand and distribution presence in the New York/Tri-state area, Florida, Georgia and the East Coast.
Michael Ranglin was appointed president and CEO of GraceKennedy Foods (USA) LLC, and will retain his CEO position of the GraceKennedy foods division.
Ryan Mack, who was recently appointed deputy CEO, will assume oversight for services and manufacturing. Andrea Coy, senior general manager, global category management, will be responsible for the Hi-Lo Supermarket chain and World Brands.
“While we work to grow the business abroad, please know that our domestic market remains the fortress of our operations,” says Don Wehby, group CEO for GraceKennedy. “We remain more focused than ever on strengthening this critical market, through increased investments and well-devised strategies to ensure growth in market share here. I know that the [GraceKennedy Foods] team is ready to execute on the strategy focusing on growth in both its international and domestic foods business.”