Teasdale Foods, Inc. Announces Transition to Ownership Group Led by Knighthead Capital Management, LLC

Includes Elimination of Nearly $300 Million in Debt and Improved Liquidity – Providing Strong Foundation for Growth

Teasdale is Well Positioned to Continue to Offer High-Quality Foods to Valued Customer Base

CARROLLTON, Texas--(BUSINESS WIRE)--Teasdale Foods, Inc., together with certain of its affiliates (“Teasdale Latin Foods”, “Teasdale”, or the “Company”), a leading full-line supplier of Latin-Inspired foods, today announced its successful transition to a new ownership group led by affiliates of Knighthead Capital Management, LLC (“Knighthead”).

As part of this transition, Teasdale has been able to eliminate nearly $300 million of debt, significantly alleviating its debt service burden and substantially improving its future operating liquidity. Teasdale will now benefit from strong financial backing to invest in several key growth initiatives and better serve its broad and valued customer base.

The Company will continue to be led by Chief Executive Officer Tim O’Connor and its existing management team. They will be supported by a newly constituted Board of Directors (the “Board”), whose members bring significant food and beverage experience, best-in-class operational capabilities, and a commitment to fully utilizing the Company’s new capital backing to fund growth.

Ara Cohen, Co-Founder and Managing Member of Knighthead and newly appointed Teasdale Board member, said, “With the rapid growth in demand for Latin foods in the U.S., Teasdale has a bright future and we are excited to be part of that journey. We look forward to supporting the Company and its team going forward to ensure they have the resources needed to grow and flourish.”

Tim O’Connor said, “We are delighted to have Knighthead as a partner as we continue to grow our presence across several Latin foods categories. Knighthead’s support is a strong vote of confidence in our ability to grow and create increased value for all of our stakeholders. It is also recognition of the hard work of our entire team, which delivers for our customers day in and day out. With an improved financial foundation, the ability to invest in growth initiatives going forward, and a highly qualified new Board, I am confident that we will be able to capitalize on our opportunities and realize our full potential. We look forward to continuing to provide our customers with our broad suite of product offerings that delight consumers every day.”

Teasdale’s new Board includes the following directors:

• Ara Cohen: Prior to Mr. Cohen co-founding Knighthead in 2008, he held a senior role at Redwood Capital Management, LLC and was previously at King Street Capital Management LP and Tamarix Capital Partners. Mr. Cohen currently serves on the boards of eMed, the Professional Fighters League, LLC, and SheMed. He received his Bachelor of Arts, magna cum laude, from Bowdoin College.

• Stewart Glendinning: Mr. Glendinning is the Chief Financial Officer of Dollar Tree. He previously served as Chief Financial Officer of Tyson Foods and President of Tyson Prepared Foods. He served as Chief Financial Officer for Molson Coors globally as well as Chief Executive Officer of the Molson Coors UK, Canada and International Segments. He is also a member of the board of The North West Company. He received his Bachelor of Business Administration in Accounting from William & Mary and a Juris Doctor from the University of Miami School of Law.

• Kyle Kneisly: Mr. Kneisly is a Partner at Knighthead. He previously worked in special situations at Farmstead Capital Management and M&A at Perella Weinberg Partners. Mr. Kneisly currently serves on the boards of Birmingham City Football Club, NASCAR’s Legacy Motor Club, and the Professional Fighters League, LLC. He received a Bachelor of Science in Finance and Accounting from the University of Maryland.

• Tom O’Boyle: Mr. O’Boyle is an Operating Partner at TruArc Partners and Managing Partner at CENT Executive Management. He previously served as the Chief Operating Officer at Dollar Tree and Chief Executive Officer and President at Marsh Supermarkets. He also held senior roles at Albertsons and Sears, where he was President and SVP of Food. He received his Bachelor of Science in Management from Northern Illinois University.

• Jeffrey Watters: Mr. Watters is the former President and Chief Executive Officer of Ainsworth Pet Nutrition and Senior Vice President at Del Monte Foods. Prior to that, he worked in brand management with The Clorox Company and in sales and customer marketing with Kraft Foods Inc. Mr. Watters earned his bachelor’s degree in government from Hamilton College and a Master of Business Administration from the University of Maryland.

About Teasdale Latin Foods

Teasdale Latin Foods has been the leader in the manufacturing and marketing of a full line of Latin-Inspired foods for over 70 years. This includes the manufacture of a full line of conventional, organic, refried and baked beans, hominy, tortillas, tortilla chips, taco shells, meal kits and salsas for private label, food service, and co-manufacturing options. All Teasdale products are created around a common theme: a desire to provide high-quality, nutritious, on-trend foods that deliver the best taste for customers. For more information, visit www.TeasdaleLatinFoods.com.

About Knighthead Capital Management

Knighthead Capital Management, LLC was co-founded in 2008 by Thomas Wagner and Ara Cohen and has grown to become a diversified asset management platform with an experienced team of investment professionals specializing in deep fundamental analysis and risk management. Knighthead’s long-term objective is to generate attractive risk-adjusted returns for its clients while emphasizing the preservation of capital. Knighthead manages assets across a variety of investment vehicles including insurance asset management, real estate lending, and closed and open-ended vehicles. As of 2/28/2026, Knighthead has approximately $12 billion of assets under management.