MegaMex Foods LLC, a joint venture between Hormel Foods Corporation (NYSE:HRL) and Herdez Del Fuerte, SA de CV, has entered into a definitive agreement to acquire 100% of Fresherized Foods.
Fresherized Foods produces Wholly Guacamole, Wholly Salsa, and Wholly Queso products, and annual sales are expected to be about $140 million. The transaction is expected to close in August 2011; terms were not disclosed.
Fresherized Foods uses High-Pressure Processing (HPP), an all-natural, US Department of Agriculture-approved process that uses high water pressure technology to protect the avocado product. HPP implements high standards of food safety without using preservatives or compromising the taste and nutritional value of the avocado product.
Based in Austin MN, Hormel is a multinational manufacturer and marketer of consumer-branded food and meat products. For more information, visit www.hormelfoods.com.
Herdez Del Fuerte, based in Mexico City, manufactures and markets consumer-branded food and beverages in Mexico and the United States. The company also markets and distributes products from affiliated companies such as Hormel Alimentos, McCormick de México, and Barilla México. It operates seven manufacturing facilities and seven distribution centers across Mexico with more than 6,000 employees. For more information, visit www.grupoherdez.com.mx and www.kuo.com.mx.