GK Foods USA Acquires La Fe Foods Inc

On July 18, 2014 GraceKennedy Limited (GK) announced that its wholly owned subsidiary GraceKennedy Foods (USA) LLC has entered into an agreement to purchase the operating assets and business of La Fe Foods Inc., including its brand. GK advised that La Fe Foods Inc. is the top Hispanic Brand in the frozen food category in Northeast USA. La Fe Foods Inc. which was established in 1968 currently has revenues of approximately US$80 million. The acquisition comes at a purchase price of US$26 million. Subsequent to the acquisition of La Fe Foods Inc., GK has advised of the following senior management changes with immediate effect: Mr. Michael Ranglin has been appointed President & CEO of GraceKennedy Foods (USA) LLC, while retaining his substantive positon as the CEO of the GK Foods Division and will be based in New Jersey. Mr. Ryan Mack, who was recently appointed Deputy CEO of GK Foods, will assume oversight for Grace Foods and Services and Manufacturing. Mrs. Andrea Coy, Senior General Manager, Global Category Management, will have oversight responsibility for the Hi-Lo Supermarket chain and World Brands.