GRAND RAPIDS, MI, July 30, 2011
/24-7PressRelease/ -- Employees of Festida Foods Ltd. were busy today preparing a 155,000-square-foot building that the company bought last month in the Union Station industrial park in Grand Rapids for installation of a tortilla chip manufacturing line that will effectively double its chip-making capacity.
Festida bought the building for $2.1 million from Voordelig Ventures L.L.C. through a transaction overseen by Amicus Management Inc. in Grand Rapids, which was acting as court-appointed receiver for the property that formerly housed warehousing for Grand Rapids Sash & Door, which has been winding down its operation after 86 years of business.
Festida employs about 30 people in the in Cedar Springs where it manufactures the private label snacks, President Kyle Curtiss says, but the company will move to Grand Rapids when the 219 Canton St. SW facility becomes operational sometime before the end of the year.
The company expects to add between 10 and 20 employees to handle the expansion. Festida Foods makes tortilla chips for its own label and 50 other accounts, including MexAmerica Foods L.L.C in St. Mary's, Penn., according to MexAmerica Foods website.
Festida traces its roots to Raul Vega, who immigrated from Cuba to Grand Rapids in 1960 and worked for several years as a food broker of Mexican food and spices before opening a Mexican restaurant, then launched a tortilla chip manufacturing operation in 1989 in a former automotive plant.
Founded by Daniel J. Yeomans, Amicus Management is one of the largest and oldest workout and court-appointed receivership firms in Michigan. Yeomans may be best known throughout West Michigan as the court appointed receiver that secured the cash and physical assets of 16 shell entities making up the Cyberco Holdings scam perpetrated by Barton Watson in Grand Rapids. The scam was highlighted on the Fraud in Cyberspace episode of CNBC's American Greed national television show.
For more information on Festida transaction, please contact Ross Pope at Amicus Management, 616.551.5793, rpope@amicusmanagement.com.
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