Blue Point Capital Partners is pleased to continue its history of investing in food businesses with the acquisition of Water Lilies Food, LLC. Water Lilies is a manufacturer and distributor of premium frozen Asian-inspired cuisine for major retail private label and foodservice customers nationwide. Blue Point made the investment in partnership with Peter Lee, second generation family member and CEO, who is retaining a significant ownership position in the Company.
Based in Bay Shore, N.Y., Water Lilies has served its customers innovative, high-quality products for over 25 years. The Company offers a broad portfolio of products, including dumplings, spring rolls, egg rolls and bao buns, with a focus on authenticity and creativity.
“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,” said Water Lilies CEO Peter Lee, whose family founded the business in 1995.
Water Lilies has built an impressive position in the retail private label and foodservice segments, leveraging the strong tailwinds in the frozen ethnic appetizer space.
“We are delighted to partner with Peter and the experienced team at Water Lilies. 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,” said Blue Point Partner John LeMay.
Blue Point Principal Rick Soukup added, “Our sector-focused operating executives, Angelo Fraggos and Clarence Mou, will provide a wealth of expertise to support Peter and the entire Water Lilies team in building on the Company’s strong track record of growth and market leadership.”
Mou and Fraggos bring decades of food manufacturing experience to Water Lilies, including direct involvement in the frozen Asian appetizer category with Mou’s prior family business, Discovery Foods. The two operating executives 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 transaction.
