Ownership of Latin-inspired food processor Teasdale Foods Inc. has transitioned to a new ownership group led by affiliates of Knighthead Capital Management LLC, according to a release shared today.
The deal allows Teasdale to eliminate nearly $300 million of debt, improving future operating liquidity and easing its debt service burden in significant fashion. The company expects to use its newfound flexibility to invest in growth initiatives, the release noted.
Teasdale is a private-label, co-man and foodservice manufacturer of a wide range of Latin-inspired foods, including conventional, organic, refried and baked beans, hominy, tortillas, tortilla chips, taco shells, meal kits, and salsas. CEO Tim O’Connor and the existing management team will continue to lead the company, with oversight from a new board of directors.
About the Author
Andy Hanacek
Senior Editor
Andy Hanacek has covered meat, poultry, bakery and snack foods as a B2B editor for nearly 20 years, and has toured hundreds of processing plants and food companies, sharing stories of innovation and technological advancement throughout the food supply chain. In 2018, he won a Folio:Eddie Award for his unique "From the Editor's Desk" video blogs, and he has brought home additional awards from Folio and ASBPE over the years. In addition, Hanacek led the Meat Industry Hall of Fame for several years and was vice president of communications for We R Food Safety, a food safety software and consulting company.