Water Lilies Food, a Bay Shore-based manufacturer and distributor of frozen Asian food, has been acquired by a private equity firm.
Cleveland-based Blue Point Capital Partners acquired the company in partnership with Water Lilies CEO Peter Lee, who is retaining a “significant ownership position” in the firm, according to a Blue Point statement.
Terms of the deal were not disclosed.
Water Lilies, which operates out of an industrial building on Fifth Avenue, offers a variety of frozen food products, including dumplings, spring rolls, egg rolls and bao buns. The Lee family founded the business in 1995.
“When evaluating partners to support Water Lilies in our next phase of growth, Blue Point’s extensive value-add resources, experience in the food and beverage space and sensitivity to maintaining our strong culture made them a clear choice,” Lee said in the statement.
Blue Point manages over $1.5 billion in committed capital and has offices in Cleveland, Charlotte, Seattle and Shanghai. The private equity firm typically invests in businesses that generate between $30 million and $300 million in revenue.
“We are delighted to partner with Peter and the experienced team at Water Lilies,” Blue Point partner John LeMay said in the statement. “They have built an excellent business that is well-aligned with our operating resources, industry experience and history of impactful partnerships with family and founder-led businesses.”
Blue Point operating executives Angelo Fraggos and Clarence Mou, who have experience in the frozen Asian appetizer category with Mou’s prior family business, Discovery Foods, will serve as board members and strategic advisors to the Water Lilies management team.
Baker Hostetler provided legal counsel and Stout conducted financial diligence in connection with the acquisition.
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