Kuo, Herdez Buy US Food Company

Mexico’s Grupo Kuo and Grupo Herdez have agreed to acquire Texas-based avocado and guacamole producer Fresherized Foods. The companies decline to disclose the value of the acquisition, but Fresherized has annual sales of a round $140m. Megamex Foods is the acquiring entity, a JV between Herdez del Fuerte and Hormel Foods. Herdez del Fuerte is a JV between Kuo and Grupo Herdez. No advisors were used on the deal, according to a Kuo spokesperson, who adds that the acquisition was financed with cash on hand and that there are no plans to go to the capital markets to finance the deal.