High Road Capital Partners’ portfolio company Panos Brands LLC has completed the acquisition of Ry-Con Specialty Foods Inc., a leading producer and distributor of hormone-free cheeses and other products that do not contain any antibiotics, preservatives or animal byproducts under the Andrew & Everett brand.
The transaction represents the first add-on acquisition Panos has completed under High Road’s ownership. Panos, which was acquired by High Road in 2010, is a leading manufacturer and marketer of natural and specialty food and beverage products sold in the U.S. and Canada, with a portfolio of brands including KA-ME, a comprehensive line of Asian food products; MI-DEL all-natural and gluten-free cookies; Sesmark rice and wheat crackers; and Amore cooking pastes.
“Our acquisition further broadens Panos’ product line in the natural and gluten-free categories. This is a great fit for our portfolio and we will continue to seek opportunities to expand our product portfolio, whether by introducing new products under existing brands or making add-on acquisitions,” said Steven Grossman, CEO of Panos.
Terms of the deal, which closed on Dec. 19, 2012, were not disclosed. Fifth Third Bank, N.A, provided financing for the transaction.
High Road Capital Partners, a private equity firm focused on smaller middle market transactions, was formed in 2007 and currently manages more than $150 million of committed capital. High Road has completed 22 transactions, including 20 acquisitions – nine platform investments and 11 add-on acquisitions – for its debut fund, High Road Capital Partners Fund I, LP.
