Authentic Specialty Foods Completes Acquisition of La Monita Mexican Food Products.GRAND PRAIRIE Grand Prairie, city (1990 pop. 99,616), Dallas and Tarrant counties, N Tex., halfway between Dallas and Fort Worth; inc. 1909. Located in a highly urbanized and rapidly growing area, the city's boom caused its population to double between 1970 and 1990. , Texas--(BUSINESS WIRE)--Oct. 1, 1997--Authentic Specialty Foods Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ASFD ASFD American Society of Furniture Designers ASFD Ashford.com (stock symbol) ASFD Australian Society of Forensic Dentistry ASFD Austin Science Fun Day ASFD Association Suisse des Fonctionnaires aux Douanes ), a leading provider of an extensive line of Mexican Mexican named after or originating in Mexico. Mexican axolotl see ambystomamexicanum. Mexican beaded lizard (Heloderma horridum food products for Mexican-American Mexican American n. A U.S. citizen or resident of Mexican descent. Mex  i·can-A·mer consumers, today announced that is has completed its acquisition of Houston-based La Monita Food Products for an assumption of liabilities totaling $1.9 million and $850,000 in cash. The Company expects the acquisition of La Monita to be accretive to 1998 earnings. La Monita is a leading manufacturer and marketer of tortillas, tortilla chips, taco and tostada shells and other Mexican food products distributed primarily in Houston. La Monita was founded in 1960 by Gilbert Moreno, who will remain with the company. Under terms of the agreement, La Monita, which had sales of $6 million last year, will become a wholly-owned subsidiary of Authentic Specialty Foods. Commented Keith Lively, Chairman & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Authentic Specialty Foods: "The acquisition of La Monita is an important part of our previously announced goal of becoming the leading manufacturer and distributor of food products for the Mexican-American marketplace. Consistent with our strategy, we intend to leverage the strong brand awareness that La Monita enjoys in the Houston area market to expand the product line and increase its overall distribution." Authentic Specialty Foods is a leading provider of an extensive line of Mexican food products for Mexican-American consumers. The Company sells branded and private label tortillas and tortilla chips, as well as branded cheeses, meats and other shelf-stable products under the Calidad label primarily to grocery stores in Texas and adjacent states. Under the La Victoria brand name, Authentic sells premium branded salsa and other Mexican sauces throughout the Western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century . Authentic, based in Grand Prairie, and La Victoria, based in City of Industry, Calif., last year had combined sales of $60 million. The company completed an initial public offering of approximately 4.6 million shares in August 1997. Authentic Specialty Foods is 30% owned by the Shansby Group, a San Francisco-based investment partnership specializing in branded consumer product companies. The Shansby Group's other portfolio of food companies includes Arrowhead arrowhead, any plant of the genus Sagittaria, widely distributed marsh or aquatic herbs of the primitive family Alismataceae (water-plantain family). The name derives from the arrowhead-shaped leaves of many species. Mills, a manufacturer and marketer of natural and organic grain-based products; DeBoles, a manufacturer and marketer of natural and organic pastas; and Dana Alexander Inc., a manufacturer and marketer of the premium snack, Terra Chips. CONTACT: Authentic Specialty Foods Inc. Keith Lively, 415/544-9966 or Morgen-Walke Associates Inc. John Swenson/Elizabeth Snowdon/Doug Sherk, 415/296-7383 (investors) Sheryl Seapy/Carol Lehrman, 415/296-7383 (media) |
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