As a strong contender in the gourmet specialty food sector, Authentic provides M&S the opportunity to broaden its product offerings into a number of ethnic foods categories - Asian, Hispanic, and Italian, for example - many of which Authentico currently produces for other wholesale customers
Charlottesville, Virginia (PRWEB) December 16, 2009
MA Holdings, Inc., a newly formed holding corporation, has acquired catalog/Internet marketer M&S Fine Foods, Inc., Charolottesville, Virginia and specialty foods manufacturer Authentic Mexican, Inc., Valley Cottage, New York, in a tax-free share exchange transaction, it was announced jointly today by Bernard H. La Lone, Jr. and Frank Casciari, chairman of M&S and president of Authentic, respectively. The operating units will continue as separate but complementary subsidiaries of the holding corporation.
"Current economic conditions and the continuing unavailability of credit have negatively impacted many companies in the specialty foods business, but both M&S and Authentic Mexican have continued to pursue their programs and strategies aggressively," La Lone said. "Both have remained healthy, and all parties perceive the new relationship as one that enables each of the subsidiaries to build further on a fresh new set of strengths, joint marketing strategies and culinary capabilities.
On-line and catalog marketer M&S Fine Foods, Inc. commenced business in 2002, having acquired the assets of McArthur's Smokehouse, Inc. and Seyco Fine Foods, Inc. McArthur's began operations in Duchess County New York as a sausage-maker and has operated continuously for more than 133 years. Seyco Fine Foods originated in Milwaukee, Wisconsin in 1934 and is a direct marketer of products from a variety of vendors. In 2006 M&S executed an exclusive license with Phillips Foods Inc. to market via catalog and the Internet direct-to-consumer sales of Phillips frozen seafood products. In 2007 M&S purchased the catalog and e-commerce Impromptu Gourmet division from The Schwan Food Company. Product offerings for the company's brands can be viewed at http://www.FineFoodNow.com, http://www.crabcakes.com, and http://www.ImpromptuGourmet.com.
"M&S acquires a reliable and flexible new product source, while Authentic Mexican will be able to capitalize on direct marketing acumen, extended distribution opportunities and physical resources that will contribute to cost reductions and operating efficiencies. The synergies attained under MA Holdings represent a powerful new stepping-off place for both companies, including the establishment of a powerful base from which to procure additional capital."
Launched in the early 1990s, Authentic Mexican, Inc. is a manufacturer of all-natural, cooked, ready-to-eat gourmet quality foods that it markets under the Authentic Mexican and Authentico brands through distributors, national retailers and gourmet chains, internet and catalog retailers, and specialty stores. The company also private labels a variety of products for several national chains. Located in Valley Cottage, New York, Authentic is on track towards a year-on-year sales increase of more than 30 percent in 2010, according to Casciari.
"As a strong contender in the gourmet specialty food sector, Authentic provides M&S the opportunity to broaden its product offerings into a number of ethnic foods categories - Asian, Hispanic, and Italian, for example - many of which Authentico currently produces for other wholesale customers," he said. "Correspondingly, M&S' unique market footprint can alleviate Authentic's dependence on several large customers. Further synergy exists in the availability of M&S' managements culinary expertise, its warehouse and freezer facilities located in Roanoke, Virginia, and its favorable negotiated nationwide shipping rates."
Deborah J. Collyer has been named president and CEO of MA Holdings, Inc. Management of the subsidiaries continues unchanged: at M&S Fine Foods, La Lone continues as chairman of the board; Ms. Collyer, president and CEO; Grant Bates, vice president of operations; and William D. Tucker III, Esq., Secretary. At Authentic Mexican, Frank Casciari remains president.