An Idaho-based portfolio of Hispanic and premium food brands that recently purchased a controlling stake in a Santa Rosa-based food producer has received a “significant investment” in a BlackRock-led round.
Getting the undisclosed sum was Flagship Food Group, which owns the brands 505 Southwestern, Lilly B’s, Hatch Kitchen, Mapa Lupe’s, TJ Farms and La Tortilla Factory. The Boise-area group earlier this year acquired La Tortilla Factory as well as in Tortilla King in Kansas.
Flagship plans to use the capital for acquisitions, facility expansion, marketing and innovation, according to the Wednesday announcement.
The brand group also announced the launch of its Flagship50 program, which focuses on local philanthropy around the portfolio companies and on scholarships, such as the 505 Southwestern-New Mexico program started in 2017.
Flagship was formed in 2012 by Denver-based CREO Capital Partners, which channeled the investment from BlackRock’s Secondaries and Liquidity Solutions Group. BlackRock managed $283 billion in alternative investments and client commitments as of June 30, according to CREO.
Also participating in the funding round were previous Flagship funders Capital Dynamics, Committed Advisors, PineBridge Investments and Kline Hill Partners.
Sixpoint Partners and Nixon Peabody advised CREO in the transaction. Akin Gump Strauss Hauer & Feld advised BlackRock. Kirkland & Ellis counseled several in the investor group.
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October 02, 2021 at 06:56AM
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Owner of Sonoma County's La Tortilla Factory gets 'significant investment' from BlackRock - North Bay Business Journal
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