US investment in ice creamThis article was originally published in Foodnews
CALIFORNIAN private capital firm, Central Valley Fund, has made a USD3.5 million preferred stock investment in Paleteria la Michoacana, a specialist ice cream and desserts company. La Michoacana, which distributes, produces and markets frozen sweets aimed at Hispanic consumers, has seen growth of 25-30% annually in the last five years, the company told portada-online.com. The bulk of the investment will be used to expand the business beyond the south-west and grow nationwide, through a wide variety of stores including major retailers, Safeway, Costco and Kroger. The company's products include Mexican-style frozen treats (paletas) and ice-cream products in flavours such as coconut, guava and walnut.