Wind Point Partners and portfolio company Tropicale Foods, an Ontario, Calif.-based manufacturer of authentic Hispanic-inspired frozen novelty products under the Helados Mexico brand, announced the acquisition of Paleteria La Michoacana (PLM), a portfolio company of Canum Capital Partners and Greyrock Capital Group.
PLM is a manufacturer of frozen novelty products under the La Michoacana brand, producing an assortment of traditional Hispanic offerings, including paletas, bolis and mangonada cups. The products are sold nationwide at multi-outlet retailers, convenience stores and traditional grocery outlets, Tropicale said. PLM operates a 45,000-square-foot SQF-certified facility in Modesto, Calif.
Tropicale said the combination further enhances its position in branded Hispanic-inspired frozen novelty products. Tropicale will continue to offer both the Helados Mexico and La Michoacana brands, as well as continue operations via existing facilities. The combination will enable additional investments in marketing, new products and new formulations that will help accelerate category growth.
“I am thrilled to welcome the PLM team to Tropicale,” said Steven Schiller, CEO of Tropicale. “The cultures of our two companies are very similar, making this a natural partnership. PLM has built a terrific business with a great brand, customer base, team and operation. Our plan is to invest behind PLM and the La Michoacana brand and leverage our combined capabilities to accelerate growth for our customers, continue to delight our consumers and create great experiences for our employees.”