ICV Partners LLC, an investment firm focused on lower middle-market companies in business services, consumer goods and services, food and beverage and healthcare, has acquired the Desi Natural and Noga brands and related assets from Raymundo’s Food Group LLC, a portfolio company of AUA Private Equity Partners LLC, to form Desi Fresh Foods.
Desi Fresh Foods is a producer of dahi, or South Asian yogurt, and lassi, a drinkable South Asian yogurt, in the U.S. Dahi is used as an ingredient in South Asian meals, side dishes and beverages. Desi Fresh Foods is located in Farmingdale, N.Y., where it operates its primary plant and will be led by Larry LaPorta as CEO.
“We have plans to increase our distribution and new product offerings to meet the changing needs of our consumers,” comments LaPorta.
Financing for the acquisition was provided by M&T Bank. ICV Partners was advised by DLA Piper and Latham & Watkins. Raymundo’s Food Group LLC was represented by McDermott Will & Emery as legal advisor and Lazard as financial advisor.