Flowers Foods acquires tortilla maker Leo’s Foods
Flowers Foods acquires tortilla maker Leo’s Foods
Flowers Foods acquires tortilla maker Leo’s Foods
Flowers Foods, maker of Nature’s Own and Cobblestone Mill bread products and Mrs. Freshley’s snacks, said Monday it acquired tortilla maker Leo’s Foods Inc.
Terms of the deal were not disclosed, but Leo’s Foods, based in Ft. Worth, Texas, has annual sales of $30 million.
The company, founded in 1978, sells its line of corn- and flour-based tortillas and tortilla chips to foodservice and food retailers across the country.
Flowers, which is headquartered in Thomasville, already has a foothold in the U.S. tortilla market through its Mi Casa brand.
Flowers, which has annual sales of $2.4 billion, is looking to expand in the lucrative U.S. tortilla segment, estimated to be between $5 billion and $6 billion a year.
Leo’s Foods, employs 230 and no changes are expected, a Flowers spokeswoman said.
Leo’s Foods’ founders, Leo and Sule Jimenez, currently president and finance executive respectively, have said they will retire.
Flowers Foods is scheduled to release third-quarter earnings Nov. 11.
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