The DAK Group announced the sale of essentially all of the assets of La Rinascente Macaroni Company to La Rinascente Pasta LLC, a new company formed by 32 investors from Hope, North Dakota.

La Rinascente Macaroni was a fifty-two year old, South Hackensack pasta maker selling fideos under its own label and making variations of the product for its clients, including Goya Foods. John Natali, the owner, after spending forty-one years working at the company, felt the sale was "bittersweet". "It's difficult to make a commodity in New Jersey with the costs here. And the trend in the industry is to move the pasta business toward the supply of raw material."

Thirty-two investors from Hope, North Dakota joined together to find a way to bolster their local economy. "Agriculture hasn't been doing that well, so we were looking for something to keep people here and bring in more," said Randy Richards, President of the corporation that was formed to buy the business. "Anything that can bring new paying jobs could have a huge impact on our community."

DAK was retained by La Rinascente to consider strategic alternatives that would realize the greatest possible value for its owners. Following a comprehensive analysis of the pasta market, DAK contacted a consortium of North Dakota farmers that was seeking to acquire companies and relocate them to its geographic area. An agreement was reached where a newly formed company, La Rinascente Pasta LLC, would purchase essentially all of the assets from La Rinascente and move the operations to a brand new facility in Hope, ND.

The terms of the transactions were not disclosed.

The DAK Group, located in Rochelle Park, New Jersey acted as financial advisor to La Rinascente Macaroni Company and initiated this transaction. Ken Light, Managing Director, noted, "North Dakota is fast becoming the pasta capital of the world. Our client, La Rinascente, is fortunate and very pleased to be able to play a part in their economic development."