Recent News and Announcements from Centre Partners
Beloved Cheese Dip Joins Leading Hispanic Food Company
Bloomington, Minnesota, November 16, 2021 – Sabrosura Foods, LLC (“Sabrosura Foods”), a leading marketer and distributor of branded Hispanic food products, today announced the acquisition of Pancho’s Mexican Foods, Inc. (“Pancho’s”), the manufacturer of America’s favorite queso dip since 1956. Pancho’s will join the Sabrosura Foods family of well-known brands, which include: El Viajero, La Morenita, Reynaldo’s and Bio Salud!. Sabrosura Foods is a natural partner for Pancho’s to continue its rapid expansion nationwide across the mass, club and grocery channels. Terms of the transaction were not disclosed. Sabrosura Foods is a portfolio company of Centre Partners.
Founded in 1956, Pancho’s gained its popularity as a local Memphis favorite before evolving as a leading brand in the refrigerated queso dip category, now found at more than 1,200+ stores nationwide. Pancho’s maintains a highly loyal consumer following because of its great tasting, high quality product and exclusive use of fresh ingredients, with no artificial fillers and flavors.
“We couldn’t be more excited to join the Sabrosura Foods family,” said Brenda O’Brien, President of Pancho’s Mexican Foods, Inc. “Pancho’s has been in my family for 65 years, and we have been so grateful to bring people together over delicious food. Now, we are looking forward to our next chapter as part of the Sabrosura Foods team.”
The acquisition adds an historic, 60-year-old consumer-loved brand to Sabrosura Foods’ portfolio of Hispanic brands and further enhances the company’s position in the fast-growing queso dip category.
“Sabrosura Foods is thrilled to acquire Pancho’s, further building our portfolio of Hispanic cheese products available in stores nationwide. A key pillar of Sabrosura Foods’ growth strategy has always been focused on acquiring complementary product capabilities,” said Jeff Caswell, CEO of Sabrosura Foods. “We are proud to be able to continue Pancho’s legacy and are eager to introduce Pancho’s queso dip to even more consumers across the fast-growing snacking category.”
Cascadia Capital served as the exclusive financial advisor to Pancho’s, Dechert LLP served as the exclusive legal advisor to Sabrosura Foods and Centre Partners and Giannuzzi Lewendon served as the exclusive legal advisor to Pancho’s.
About Sabrosura Foods
Headquartered in Bloomington, Minnesota, Sabrosura Foods is a leading manufacturer of Hispanic foods, including cheeses, desserts and meats. Sabrosura has several authentic Hispanic brands including El Viajero, La Morenita, Reynaldo’s and Bio Salud! alongside broad private label capabilities. Sabrosura maintains a national footprint with multiple best-in-class facilities that serve a wide range of end markets. For more information, please visit www.sabrosurafoods.com.
About Pancho’s
Authentic Pancho’s Cheese Dips have been famous since the very first Pancho’s Restaurant opened in 1956. Pancho’s now offers a variety of dips to enjoy, including Original Queso Dip, Chipotle Queso Dip and White Queso Dip. Pancho’s queso dips can be purchased in the refrigerated dairy case at leading supermarket chains, big box retailer and independent grocery retailers throughout the country and ordered online at www.panchosdip.com.
About Centre Partners
Founded in 1986, Centre Partners is a leading middle-market private equity firm focusing on the consumer and healthcare sectors, with offices in New York and Los Angeles. Centre has invested over $2.5 billion of equity capital in more than 85 transactions since its inception. Centre seeks to partner with founders and management teams to build exceptional businesses. Centre Partners provides management teams access to its unique resources, which includes an extended network of experienced and proven operating executives. Additional information is available at www.centrepartners.com.
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