Grace ac­quir­ing 49% stake in US patty com­pany

Stabroek News - - REGIONAL NEWS -

(Ja­maica Gleaner) Grace Foods (USA), Inc. a com­pany owned by GraceKennedy Lim­ited, said it will be ac­quir­ing a 49 per cent eq­uity stake in a new joint ven­ture com­pany, Majesty Foods, a Florida-based man­u­fac­turer of patty and em­panada prod­ucts.

The range of Majesty’s prod­uct port­fo­lio is mar­keted un­der its own brands ‘Patty King” and “Latin De­lights” as well as un­der other third-party brands, GraceKen­n­m­edy said in a re­lease.

The com­pany has ex­ten­sive and valu­able co-pack­ing re­la­tion­ships with lead­ing com­pa­nies in the United States and its prod­ucts are sold through mul­ti­ple re­tail­ers in­clud­ing Whole Foods and Publix.

Majesty Foods also sells to lead­ing food ser­vices dis­trib­u­tors in­clud­ing Sysco, Cheney Broth­ers and Jetro/Restau­rant De­pot, GraceKennedy said.

Grace Foods cur­rently owns and op­er­ates a 23,000 square-foot cold stor­age and food pro­cess­ing fa­cil­ity in Florida.

As a part of the agree­ment, Grace Foods will out­source to Majesty Foods its cur­rent fac­tory op­er­a­tions, which in­clude the pro­duc­tion of a wide port­fo­lio of frozen His­panic and Caribbean prod­ucts for the re­tail and food ser­vice chan­nels.

“Majesty Foods is the cur­rent man­u­fac­turer of Grace brand pat­ties for the USA mar­ket which are But con­sid­er­ing, the in­her­ent in­ef­fec­tu­al­ity and my­opia of the film, the in­ept­ness of “No­body’s Fool” smarts in the shad­ows of the “what-ifs”: the pos­si­bil­i­ties of black en­ter­tain­ment that has a more earnest, sin­cere and thought­ful en­gage­ment with women, sex­u­al­ity and avail­able na­tion­wide in lead­ing re­tail­ers in­clud­ing Wal-Mart and Tar­get,” said GraceKennedy’s CEO Don We­hby.

“Grace brand pat­ties have been do­ing ex­cep­tion­ally well, ex­pe­ri­enc­ing dou­ble-digit growth in the mar­ket. The con­sol­i­da­tion of these two en­ti­ties will cre­ate a stronger and bet­ter cap­i­tal­ized busi­ness through var­i­ous syn­er­gies, al­low­ing Majesty Foods to pro­vide an en­hanced ser­vice of­fer­ing to all its cus­tomers,” he added.

We­hby said GraceKennedy has been ag­gres­sively pur­su­ing op­por­tu­ni­ties for merg­ers and ac­qui­si­tions as a part its long-term strat­egy.

“This joint ven­ture is a step in the right di­rec­tion for our Foods Divi­sion as we strive to lever­age our lead­ing po­si­tion in the USA-Caribbean mar­ket to be­come one of the top play­ers in the USAHis­panic mar­ket through our ‘La Fe’ brand,” We­hby said. com­edy. Mean­while, Perry is cur­rently in post-pro­duc­tion for his twentieth film. And there’s noth­ing we can do to stop him.

“No­body’s Fool” is cur­rently play­ing at Caribbean Cin­e­mas Guyana

Don We­hby

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