DENVER — Flagship Food Group, LLC has reached an agreement to invest in Moundridge, Kan.-based Tortilla King, Inc., one of the largest Midwestern tortilla producers. Financial terms of the transaction were not disclosed.

Founded in 1992, Tortilla King makes private label flour tortillas, corn tortilla and tortilla chips, as well as products under the La Comida, Mama Lupe’s and Li’l Guy brands.

Under terms of the transaction, Flagship will become the majority owner in Tortilla King while current local management remains in place and Juan Guardiola remains a shareholder.

“I’ve known the team at Flagship for many years, and we’ve been a supplier and partner of theirs across several of their product portfolios,” said Mr. Guardiola, who is co-founder and president of Tortilla King. “Coming together as one company made sense for them, for me, and for our valued employees and customers.”

Majority owned by CREO Capital Partners, Flagship is a diversified food company that sells a wide range of food products and services under the 505 Southwestern, La Tortilla Factory, Lilly B’s, Hatch Kitchen, TJ Farms and other brands. Flagship acquired La Tortilla Factory earlier this year.

“We are building a world-class, scaled, diversified food company,” said Rob Holland, founder of CREO Capital Partners and its managing partner. “The Hispanic foods category has been our principal focus for nearly a decade, and the addition of Tortilla King expands both our capabilities and geographic footprint.”