AUA Private Equity Consummates Sale of Indulge Desserts
New York, NY – October 13, 2020 – AUA Private Equity Partners, LLC (“AUA Private Equity”) is pleased to announce that it has consummated the sale of Indulge Desserts Holdings, LLC (“Indulge Desserts” or the “Company”), a manufacturer of premium gourmet desserts to the foodservice and retail sectors. Indulge Desserts was acquired by Emmi Group (“Emmi”), a publicly-listed major Swiss milk processor which dates back to 1907 when it was founded by 62 dairy farming cooperatives around Lucerne.
Over its four year holding period, AUA Private Equity was instrumental in growing Indulge Desserts from a founder-run business to a leading institutional, culinary-driven desserts company. Under AUA Private Equity’s ownership, Indulge Desserts’ top line grew 100% and EBITDA grew over 70% through both organic growth and acquisitions. AUA Private Equity assisted Indulge Desserts in entering, and expanding into, new sales channels (including retail and e-commerce), cultivating innovative new product development, and growing the Company’s Sweet Sofia brand. AUA Private Equity led an accretive acquisition strategy that brought three businesses into the Indulge Desserts family, including Love and Quiches and Joey’s, allowing the Company to develop a holistic and complementary breadth of dessert offerings for foodservice and retail customers.
Steven Flyer, Partner of AUA Private Equity, commented: “We are pleased to announce the sale of Indulge Desserts to Emmi Group which we believe is an extraordinary partner to further facilitate growth in the Indulge Desserts’ platform. Our partnership with CEO John Alair-Garcia allowed us to expand our distribution channels, build out our R&D and innovation efforts, and integrate several accretive acquisitions leading to an outstanding result for our partners.”
Andy Unanue, Managing Partner of AUA Private Equity, added: “Indulge Desserts is emblematic of AUA Private Equity’s investment strategy – partnering with founder/family owners and building an institutional foundation for accelerated growth. We are extremely pleased to celebrate Indulge Desserts and are excited for the next chapter of the Company’s growth.”
John Alair-Garcia, Founder/CEO of Indulge Desserts, added: “I cannot speak highly enough of the value AUA Private Equity created for my business through operational initiatives, strategic acquisitions, and active sponsorship. They helped drive initiatives in sales, marketing, and operations leading to a great result for our management team, owners, and investors. They have been my like-minded partner from the beginning and I am excited to celebrate this outcome with them.”
The sale transaction was led by Partner Steven Flyer, Managing Director Kyce Chihi, Vice President Jack Lin, and Associate Greg Conway. Harris Williams acted as financial advisor to AUA Private Equity and McDermott Will & Emery provided legal advice to the seller. Additional advisors to AUA Private Equity include Grant Thornton and L.E.K. Consulting.
About AUA Private Equity Partners, LLC
AUA Private Equity Partners is a New York based, operationally-focused, lower middle-market investment firm providing strategic capital to companies in the consumer products and services sectors with a particular focus on family-owned businesses or companies benefiting from the growth of the U.S. Hispanic population. AUA Private Equity makes equity investments of $20 to $75 million in companies that generate in excess of $5 million in EBITDA. For more information on AUA Private Equity Partners, please visit www.auaequity.com
About Indulge Desserts
Indulge Desserts is a manufacturer of premium gourmet desserts, offering a full line of American and international/ethnic, all-natural products to the foodservice and retail markets across the U.S. The Company’s portfolio of products includes Italian specialties, Latin desserts (e.g., tres leches and dulce de leche) and Asian inspired treats.
Disclosure: This document should not be construed as an offer to sell or a solicitation of an offer to buy any securities or investment advisory services, and are intended for informational purposes only. Any offer will be made solely pursuant to a Private Placement Memorandum and Subscription Agreement (“Offering Documents”) to qualified offerees. This document in whole or in part will not form the basis of and should not be relied upon in connection with any investment in any fund. To the extent that statements made in this document summarize provisions of the Offering Documents, they are qualified in their entirety by the terms of such Offering Documents. A copy of the Offering Documents must be reviewed and accepted prior to making a decision to invest in any fund. An investment in any fund may result in loss to an investor. Interests in AUA’s private funds are not offered or sold in any jurisdiction in which such offer, solicitation or sale would be unlawful, until the requirements of the laws of such jurisdiction have been satisfied.