Blue Point Capital has acquired Water Lilies Food, LLC, a portfolio company of AUA Private Equity Partners, with global investment bank Harris Williams advising Water Lilies on the sale.

Water Lilies is a manufacturer of frozen Asian appetizers that are primarily sold through supermarkets, restaurants and ethnic markets.

“Water Lilies is the go-to Asian appetizer supplier for retailers, brands, and foodservice operators and has achieved impressive growth through its consistent innovation and focus on quality,” said Brant Cash, a managing director at Harris Williams. “The company experienced a tremendous amount of success during its partnership with AUA Private Equity, and we look forward to its next chapter of growth with Blue Point.”

“We continue to see a high degree of interest in value-added manufacturing platforms from both strategic buyers and financial sponsors,” said Brant Wilczek, a director at Harris Williams. “Water Lilies’ unique ability to develop premium, innovative products combined with its scale and manufacturing flexibility provides the company with tremendous runway for future growth in a category experiencing significant momentum driven by consumer demand.”

Based in Bay Shore, N.Y., Water Lilies is a manufacturer and provider of premium, inspired Asian cuisine for major retailers, private label, consumer brands and foodservice operators. Founded in 1995 with a commitment to food safety, quality and innovation, the company has established itself as a preferred partner to its customers across a variety of authentic, inspired products, with a particular focus on frozen appetizers such as egg rolls, spring rolls, potstickers, and dumplings.

AUA Private Equity is a West Palm Beach, Fla.-based, operationally focused, lower-middle market investment firm providing strategic capital to companies in the consumer products and services sectors with a particular focus on family-owned businesses. AUA Private Equity typically makes equity investments of $20 million to $75 million in companies that generate in excess of $5 million in EBITDA.

Blue Point is a private equity firm managing over $1.5 billion in committed capital. With offices in Cleveland; Charlotte, N.C.; Seattle; and Shanghai, Blue Point’s geographical footprint allows it to establish relationships with local and regional entrepreneurs and advisors while providing the perspectives and resources of a global organization. Blue Point has over a two-decade history of partnering with lower-middle market businesses to build processes and capabilities to achieve dramatic growth. The firm focuses on opportunities where it can leverage its collective experience, extensive network of operating resources, and focused add-on acquisition efforts as well as its unique toolkit, which includes supply chain/Asian capabilities, improved digital marketing or data strategies, and talent acquisition and diversification efforts. Blue Point typically invests in businesses that generate between $30 million and $300 million in revenue.

Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc.

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