Speyside Equity is pleased to announce today that it has acquired Magic Valley Fresh Frozen Inc. (Magic Valley) from Oscar S. Wyatt Jr. The parties agreed to keep the financial terms of the transaction confidential.
Founded 45 years ago and based in McAllen, Texas; Magic Valley produces Southern frozen vegetables for distribution to major food outlets and institutional buyers throughout the United States. The company produces various quantities of okra, spinach, southern greens, black eyed peas, carrots and diced turnip roots; and breads okra and squash. The company has its own food service labels: Magic Harvest and Valley Harvest. Magic Valley has two plants, each with its own packaging capabilities. The company employs 220 employees.
Acquiring Magic Valley enables Speyside to invest in a meaningful platform in the food industry, one of its focus areas. The company has a wide product range and geographic reach.
Commenting on the acquisition, Speyside partner Robert Sylvester said:
“We are delighted to announce our acquisition of Magic Valley, which is a highly regarded supplier of vegetables in a region that is poised for growth. We believe in the company’s potential to offer an even more valuable product range as well as being a bridgehead for consolidation in the industry.”
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About Speyside Equity:
Speyside Equity invests in middle-market industrial businesses with a history of profitability and ability to generate sustainable cash flows. It has a focus on the chemicals, food and industrial sectors and has an affinity for cross-border deals, and spin-offs of large multinational businesses in the production sector. Target investments are typically headquartered in developed markets in the United States and Europe, and valued at US$ 20-200 million.