Wind Point Partners has tapped the $1.2bn-targeting Fund IX it is currently raising to make an investment in frozen novelty products business Tropicale Foods.
The company, which trades under the Helados Mexico brand, produces traditional Hispanic offerings including paletas, bolis and mangonada cups.
This transaction represents the second partnership between Wind Point and José Luis Prado, who most recently served as CEO of Evans Food Group, a manufacturer of pork rind snacks which Wind Point sold in August 2019.
Prado has joined the Tropical leadership team and will serve as board chair.
He said, “Tropicale is a terrific business with a leading Hispanic brand. I see significant opportunity to continue building the Helados Mexico brand through great tasting new products, innovation and geographic expansion.”
Wind Point’s partnership with Tropicale marks another investment for the firm with an entrepreneur or family-owned business, a focus area of Wind Point’s investment strategy for decades.
Previous Wind Point investments in the food industry include Stir Foods, Evans Food Group, Gehl Foods, Shearer’s Snacks and Hearthside Food Solutions.
Wind Point is currently investing out of Wind Point Partners IX, which is currently out eyeing up to $1.2bn after being launched earlier this year.
AltAssets revealed last month that the firm had picked up a $60m pledge from the Texas Employees Retirement System, to follow a $100m commitment from the Minnesota State Investment Board.
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