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Blue Point Serves Up Packaged Food Experience in Partnership with Water Lilies Food

CLEVELAND–(BUSINESS WIRE)–Blue Point Capital Partners is pleased to continue its history of investing in food businesses with the acquisition of Water Lilies Food, LLC. Water Lilies is a manufacturer and distributor of premium frozen Asian-inspired cuisine for major retail private label and foodservice customers nationwide. Blue Point made the investment in partnership with Peter Lee, second generation family member and CEO, who is retaining a significant ownership position in the Company.

Based in Bay Shore, N.Y., Water Lilies has served its customers innovative, high-quality products for over 25 years. The Company offers a broad portfolio of products, including dumplings, spring rolls, egg rolls and bao buns, with a focus on authenticity and creativity.

When evaluating partners to support Water Lilies in our next phase of growth, Blue Point’s extensive value-add resources, experience in the food and beverage space and sensitivity to maintaining our strong culture made them a clear choice,” said Water Lilies CEO Peter Lee, whose family founded the business in 1995.

Water Lilies has built an impressive position in the retail private label and foodservice segments, leveraging the strong tailwinds in the frozen ethnic appetizer space.

We are delighted to partner with Peter and the experienced team at Water Lilies. They have built an excellent business that is well-aligned with our operating resources, industry experience and history of impactful partnerships with family and founder-led businesses,” said Blue Point Partner John LeMay.

Blue Point Principal Rick Soukup added, “Our sector-focused operating executives, Angelo Fraggos and Clarence Mou, will provide a wealth of expertise to support Peter and the entire Water Lilies team in building on the Company’s strong track record of growth and market leadership.”

Mou and Fraggos bring decades of food manufacturing experience to Water Lilies, including direct involvement in the frozen Asian appetizer category with Mou’s prior family business, Discovery Foods. The two operating executives will serve as board members and strategic advisors to the Water Lilies management team.

Baker Hostetler provided legal counsel and Stout conducted financial diligence in connection with the transaction.

Blue Point Capital Partners is a private equity firm managing over $1.5 billion in committed capital. With offices in Cleveland, Charlotte, 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 unique toolkit, which includes supply chain / Asian capabilities, data and digital strategies, human capital strategy and focused add-on acquisition efforts. Blue Point typically invests in businesses that generate between $30 million and $300 million in revenue.

Water Lilies Food, LLC is a manufacturer and distributor of premium frozen Asian-inspired cuisine primarily sold through supermarkets, club/mass stores, restaurants and ethnic markets. Founded in 1995 by the Lee Family, the Company’s signature products include egg rolls, spring rolls, potstickers, dumplings, bao buns and a variety of noodles in both plant-based and meat options, as well as better-for-you categories (natural, organic, gluten-free). The Company is SQF, USDA Organic and gluten-free certified.


Blue Point Capital Partners
Megan Kneipp

Managing Director, Business Development

[email protected]

John LeMay


[email protected]

MiddleM Creative (Media Inquiries)
Allie Gamble

Vice President

[email protected]


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