ICV Partners, LLC, an investment firm focused on lower middle market companies in business services, consumer goods and services, food & beverage, and healthcare, announced that it has acquired the Desi NaturalTM and NogaTM brands and related assets from Raymundo’s Food Group, LLC, a portfolio company of AUA Private Equity Partners, LLC, to form a new company, Desi Fresh Foods.
Desi Fresh Foods is a producer of dahi, or South Asian yogurt, and lassi, a drinkable south Asian yogurt, in the United States. Dahi is a traditional yogurt that is primarily used as an ingredient in South Asian meals, side dishes and beverages. Dahi has a unique blend of sweet and sour taste as well as a firm texture, that makes it an essential staple in many South Asian cuisines. The Desi Natural brand is the leading brand of dahi in the United States.
Desi Fresh Foods is located in Farmingdale, N.Y., where it operates its primary plant. The company will be led by Larry LaPorta as CEO. LaPorta has run the business since 2018 as its general manager. Prior to Desi Fresh Foods, LaPorta was an executive in marketing and operating roles at Beiersdorf, Revlon, and Kraft Foods.
Financing for the acquisition was provided by M&T Bank. ICV Partners was advised by Jason Juall at DLA Piper and Joseph Alexander at Latham & Watkins. Raymundo’s Food Group, LLC, a portfolio company of AUA Private Equity Partners, LLC, was represented by McDermott Will & Emery as legal advisor and Lazard as exclusive financial advisor.
