DAK served as exclusive investment banker and financial advisor to La Cena, initiating the transaction and managing the divestiture process. The transaction capitalizes on La Cena’s long history of building a high-quality, branded Caribbean food line throughout the northeast while simultaneously expanding its distribution network throughout the southeastern United States.
The acquisition marks a significant step in the expansion strategy of Diaz Foods, a privately-held company with over $200 million in revenue. Diaz is planning to introduce the La Cena family of brands into its existing distribution network of more than 24 states. At the same time, Diaz will introduce its 5,000 product offerings throughout the northeast.
La Cena offers the perfect complement to the brands that Diaz Foods already carries,” said Diaz Foods’ president and CEO, Rene Diaz. “Introducing the La Cena family of brands and expanding the distribution area will allow us to continue to offer superior products and service to all of our customers, including those in the New England region.”
“We are pleased to have delivered significant value to La Cena’s ownership using our unique worldwide, proprietary process to identify the right buyer,” said Alan Scharfstein, President of DAK. “This strategic acquisition is a tremendous opportunity for a deeper penetration of La Cena’s branded products into the marketplace, and is a great fit with Diaz’s plans for growth.”
The successful sale of La Cena to Diaz Foods was a result of a highly competitive process initiated by DAK, who identified the strategic and complementary fit between the two companies.