Florida Company Plans to Acquire Lasorda Foods : Transactions: Modami Services, based near Dodgers training camp, did not disclose terms.
A Florida company said Monday that it intends to acquire Lasorda Foods Holding Corp Inc., a company primarily owned by longtime Orange County resident and Los Angeles Dodgers Manager Tommy Lasorda.
The purchaser is Modami Services, whose Boca Raton headquarters is only a few miles from the Dodgers training camp town of Vero Beach, where the Lasorda name is well-known. Terms of the transaction will not be disclosed until the deal is final, said April Spring, directorof investor relations for Modami.
Lasorda Foods was based in Fountain Valley and Irvine before moving to Paramount. The company is known primarily for the pasta sauces that Lasorda has said are based on a family recipe passed down to his wife, Jo. The pasta sauces and Cactus Jack Salsa are marketed by Lasorda in Southern California.
Spring said that Modami was attracted to Lasorda foods because of the California company’s business selling kosher foods at sports arenas and on military bases. That should help expand Modami, which wants to move into sports arenas and other venues. The company now sells frozen yogurt mix, dehydrated tomato flakes and other products, primarily to the food-service industry.
Under the proposal, Lasorda would remain the spokesman for the products that carry his name. He and Lasorda Foods President Steven Fox, who together own a majority of Lasorda Foods’ stock, will be paid in Modami shares.
Modami’s stock, which is traded on the NASDAQ market, closed Monday at $2.625 a share, down 31 cents.