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Cacique, a leading independently owned Hispanic foods company and maker of the #1 brand of authentic Mexican-style cheeses, cremas, and chorizos in the States, announced an addition to the company's ownership group as part of a round of funding that will be used to accelerate the brand's continued rapid growth nationwide. Boston-based investment manager The Baupost Group will take a minority stake in Cacique.
The goal is to expand the company’s market reach via a series of growth initiatives, including expansion into new product offerings and geographies and potential acquisitions in the food distribution industry.
While Hispanic buying power is concentrated in select markets, including New Mexico, Texas, California, Florida, Nevada, Colorado, New Jersey, New York and Illinois, their interest in new products is spread across retail departments.
The Hispanic community is the fastest-growing ethnic group in the nation and spends more than $94.7 billion on CPG products annually, according to a report released by IRI, Chicago.
KKR, a New York-based global investment firm, announced the combination of two Hispanic grocery chains—Cardenas Markets, Ontario, Calif., and Mi Pueblo—to operate as Cardenas Markets LLC.
Growth of the U.S. Hispanic population -- combined with their adherence to dining traditions -- is beginning to influence national consumption patterns.
In a recent first quarter earnings release, West Coast restaurant operator Real Mex, Cypress, Calif., noted that -- although restaurant sales are down -- the company is continuing to expand its manufacturing.