Sigma Alimentos, S.A. de C.V. announced that it has reached an agreement to acquire a majority stake in Los Altos Foods, a Hispanic Cheese and Cream producer in the U.S. Financial terms were not disclosed.
Los Altos Foods produces authentic Mexican cheese products positioned for the multicultural North American consumer market. The company has more than 24 years of operations, during which it has built the successful Los Altos brand. The company operates one plant near Los Angeles, providing jobs for more than 260 employees.
With the transaction, Sigma became the majority owner of Los Altos. As a reference, Los Altos generates approximately $100 million in annual revenue.
"This transaction is aligned with Sigma's strategy and will allow us to continue growing the core business by strengthening our position in a rapidly growing market that is gaining space in mainstream consumption. We are excited about the prospect of welcoming Los Altos, a great Hispanic cheese brand, to our portfolio. I'm confident that the sum of Los Altos and Sigma will allow us to better satisfy the needs of our customers and consumers. This transaction also enhances our existing network with production capacity on the West Coast," says Rodrigo Fernandez, Sigma's CEO.
Jesus Lobo, Sigma U.S. CEO, adds, "Today, Sigma takes another step to expand its presence in the U.S. and continue increasing capacity in the Hispanic dairy market. We are looking forward to welcoming all Los Altos employees to Sigma and embarking on a new journey, together."