Flagship Food Group buys majority stake in Tortilla King

Flagship Food Group has acquired a majority stake in US tortilla and tortilla chips producer, Tortilla King.

Majority owned by Creo Capital Partners, Flagship sells a wide range of food products and services under brands such as Lilly B’s, Hatch Kitchen, TJ Farms and 505 Southwestern, which offers jarred green chiles.

Earlier this year, Flagship announced its acquisition of La Tortilla Factory, a California-based manufacturer of tortillas and Hispanic food products.

With its latest acquisition, Flagship aims to further strengthen its position in the Hispanic food category.

Tortilla King’s current local management will remain in place under its new ownership, while co-founder Juan Guardiola remains a shareholder and president of the company.

Based in Moundridge, Kansas, Tortilla King offers tortillas and tortilla chips under the Mama Lupe’s brand, while also serving as a manufacturing partner to other food companies and retailers.

The company operates manufacturing and distribution facilities across the Midwest and its offerings include low-carb, net-zero-carb and gluten-free options.

“I’ve known the team at Flagship for many years, and we’ve been a supplier and partner of theirs across several of their product portfolios,” said Guardiola.

“Coming together as one company made sense for them, for me and for our valued employees and customers.”

Rob Holland, Creo Capital Partners founder and managing partner, added: “We are building a world-class, scaled, diversified food company. The Hispanic foods category has been our principal focus for nearly a decade, and the addition of Tortilla King expands both our capabilities and geographic footprint.”

Forrest Kragten, a principal at Creo, added: “Simply put, we are here to support growth. As part of the transaction, we approved and supported a significant expansion of the Tortilla King operation in Kansas. We’re excited to bring more volume and production to this area and to this outstanding team.”

The financial terms of the transaction have not been disclosed.