NEW YORK — Tropical Cheese Industries, LLC, Perth Amboy, NJ, a company producing Hispanic cheese, meat and other food products, has received an undisclosed investment from AUA Private Equity Partners, LLC and Avance Investment Management, two investment firms that focus on partnering with family and founder-owned businesses. The Mendez family, who founded Tropical Cheese, and the management team will retain a significant minority interest in the company.
The company began when Rafael Mendez immigrated to the United States at 17 years old. Mendez settled in Perth Amboy in the 1970s where he began delivering milk serving the Hispanic community. He later founded his company Tropical Cheese in 1982.
The investment will help the company drive product penetration, expand distribution points with additional centers and build lasting customer relationships, said Andy Unanue, managing partner of AUA Private Equity Partners, LLC.
“My family and I were looking for a partner that could not only support Tropical Cheese’s future growth but, importantly, preserve our strong brand and family legacy,” said Rafael Mendez, founder of Tropical Cheese. “AUA and Avance both bring significant investing experience in food companies, family businesses and the Hispanic market, and we look forward to benefiting from their expertise in our next chapter of growth.”
The company produces and distributes such Latino-focused products as cheese, meats and seafood, creams, beverages, tortillas and arepas, desserts and deli, in the United States. Other markets the company focuses on include the Caribbean, Central and South America and Europe.
“The investment in Tropical Cheese is a natural fit for us, and came together as a result of our long-standing relationships with the Mendez family and AUA,” said Luis Zaldivar, managing partner of Avance. “Our cultural ties are further solidified by our deep experience with Hispanic foods and family businesses. We understand and appreciate the value of the Tropical Cheese brand, and the significant growth potential within its categories. We look forward to working with the Mendez family, AUA and the Tropical Cheese management team as the company continues to expand nationally, including the pursuit of complementary M&A opportunities.”