AUA Private Equity Partners: Buy Box & Recent Acquisitions

At a glance

Assets under management	$850M (as of Jan 2025) S2
Latest fund	AUA Private Equity Fund II, $310M (Apr 2021) S5
EBITDA range	$10M+ S2
Check size	$40M to $75M S2
Deal types	Platform, Add-on, Minority, Growth S2
Geography	United States S2
Sectors	Consumer & Food

What AUA Private Equity Partners buys

AUA Private Equity Partners is a West Palm Beach, Florida firm founded in 2011 by Andy Unanue, a former chief operating officer of Goya Foods. It buys US consumer products and consumer services companies that are family-owned, that sell to Hispanic and other multicultural shoppers, or that bring ethnic brands and flavors to a wider market. Nearly all of its current holdings make food: Hispanic cheese and meats, popcorn, baked goods, prepared appetizers and pet treats.

AUA sets a high floor for the lower middle market. A new platform should earn more than $10 million of EBITDA, with an enterprise value of about $75 million to $200 million or more and an AUA equity check of $40 million to $75 million or more. It takes control or significant minority stakes through buyouts, recapitalizations, growth equity and buy-and-build plans, and reports about $850 million of committed capital, including co-investments. Its last announced fund closed at $310 million in 2021. A smaller food business is most likely to meet AUA as an add-on, as Cibao Meat Products did in 2026.

Recent deals

Announced in the 24 months before October 29, 2026.

Date	Company	Type	Sector	Source
Jul 2026	Pineland Farms Dairy (Bangor, Maine plant)Tropical Cheese bought the Bangor cheese plant and related assets; the plant team and general manager stay on	Add-on	Consumer & Food	Source
Jan 2026	Cibao Meat ProductsThird-generation family maker of Hispanic-style meats added to Tropical Cheese as its meats division	Add-on	Consumer & Food	Source
Jul 2025	Western Smokehouse PartnersMeat snack co-manufacturer sold to Monogram Capital Partners about two years after AUA bought a majority stake	Exit	Consumer & Food	Source
Dec 2024	Tropical Cheese IndustriesHispanic cheese and food brand backed with Avance Investment Management; the founding Mendez family keeps a significant minority stake	Platform	Consumer & Food	Source

Portfolio by sector

From the firm's portfolio page S3.

Consumer & Food

Epic Baking Company Current
Gourmet Culinary Partners Current
Tropical Cheese Industries Current
Weaver Popcorn Manufacturing Current
Westminster Pet Products Current

Past investments: Associated Foods Holdings, Indulge Desserts Holdings, Raymundo's Food Group, TruFood, Water Lilies Food, Western Smokehouse Partners, VStar Entertainment Group

Greymont’s take

How AUA Private Equity Partners fits a seller

AUA suits family owners of food and consumer companies, especially those with Hispanic brands or customers, who want a buyer whose founder ran operations at his own family's food company, Goya Foods. In the December 2024 Tropical Cheese deal, the founding Mendez family and management kept a significant minority stake, and AUA brought in a second Hispanic-led firm, Avance, as co-investor. AUA also tends to keep building after it buys: Tropical Cheese has since added a meat maker and a second cheese plant.

AUA's platform floor is more than $10 million of EBITDA, so an owner below that size should ask whether the business would fit as an add-on to Tropical Cheese, Weaver Popcorn or another current holding. Owners who roll equity should ask about the expected hold. Western Smokehouse, for example, was sold to its minority co-investor about two years after AUA bought it.

Questions owners ask

How big does a company need to be for AUA?

For a new platform, AUA looks for more than $10 million of EBITDA and an enterprise value of roughly $75 million to $200 million or more, with equity checks of $40 million to $75 million or more.

Does AUA only invest in Hispanic-owned companies?

No. It backs family-owned consumer companies of any background as well as companies that sell, or could sell, to Hispanic and multicultural consumers. Weaver Popcorn, a family business founded in 1928, is a current holding.

Do AUA's companies make add-on acquisitions?

Yes. Tropical Cheese, which AUA and Avance backed in December 2024, bought Cibao Meat Products in January 2026 and the Bangor, Maine cheese plant of Pineland Farms Dairy in July 2026.

Can the family keep a stake after AUA invests?

Yes. AUA offers growth capital, liquidity or both, and in the Tropical Cheese deal the founding Mendez family and the management team kept a significant minority interest in the company.

Sources

S1AUA Private Equity home page Accessed October 29, 2026
S2AUA Private Equity: About Us and Investment Criteria Accessed October 29, 2026
S3AUA Private Equity: Our Partnerships Accessed October 29, 2026
S4AUA Private Equity: The Latest Accessed October 29, 2026
S5AUA Private Equity Closes Oversubscribed Second Fund at $310 Million (April 27, 2021) Accessed October 29, 2026
S6AUA Private Equity Named to Inc.'s 2026 Founder-Friendly Investors List (October 27, 2026) Accessed October 29, 2026
S7AUA Private Equity and Avance Investment Management Form Partnership to Invest in Tropical Cheese (December 16, 2024) Accessed October 29, 2026
S8Tropical Cheese Industries Acquires Cibao Meat Products (January 13, 2026) Accessed October 29, 2026
S9AUA Private Equity Partners Sells Western Smokehouse (July 9, 2025) Accessed October 29, 2026
S10AUA Private Equity Announces the Sale of Raymundo's Food Group (October 23, 2024) Accessed October 29, 2026
S11Cheese Reporter: Tropical Cheese Acquires Pineland Farms Dairy's Plant in Bangor, ME (July 24, 2026) Accessed October 29, 2026
S12AUA Private Equity: Weaver Popcorn Manufacturing Accessed October 29, 2026

Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with AUA Private Equity Partners. Figures are as reported on the dates shown and may have changed. Request a correction