Key Takeaways
- • Swander Pace Capital (SPC) has sold Fine Choice Foods, maker of the SUMM! brand of fresh and frozen Asian-inspired appetizers and meal solutions, to Power Sustainable Lios, the food-focused private equity platform of Power Sustainable.
- • SPC reports a threefold increase in Fine Choice's EBITDA during its ownership, driven by investments in sales, product innovation, and operational infrastructure.
- • The sale is SPC's second recent exit, following its September sale of Purely Elizabeth to Ferrero.
- • BMO Capital Markets Corp. served as exclusive financial advisor, and Stikeman Elliott LLP acted as legal counsel to Fine Choice Foods and SPC.
- • Financial terms of the transaction were not disclosed in the press release.
Summary
Swander Pace Capital, a private equity firm focused on family- and founder-owned consumer staples businesses in food & beverage and health & wellness, announced the sale of Fine Choice Foods to Power Sustainable Lios, according to a Business Wire release datelined Richmond, British Columbia. Lios is the food and agriculture-focused private equity platform of Power Sustainable. The press release did not disclose the purchase price.
Fine Choice Foods, founded in 1986 by the Lui family in Vancouver, produces refrigerated Asian-inspired cuisine, including spring rolls, gyoza dumplings, bao buns and an apple pie roll, under the SUMM! brand. The company serves Canadian and U.S. markets from two facilities, employs more than 300 people and operates over 100,000 square feet of production space. According to SPC, during its ownership the company expanded its reach across Canada and the United States, enhanced its manufacturing and commercial infrastructure, and strengthened the SUMM! brand, helping drive a threefold increase in EBITDA.
Tyler Matlock, Managing Director at Swander Pace Capital, said the transaction reflects SPC's ability to partner with management teams to accelerate growth. Jason Longden, CEO of Fine Choice Foods, credited SPC's strategic perspective, network and category expertise with supporting the company's growth. Alex Litt, Managing Director at SPC, said the brand is well positioned for growth under Lios, citing rising consumer interest in global flavors and demand for convenient frozen and refrigerated foods.
The sale is SPC's second recent exit, following the September sale of its investment in Purely Elizabeth to Ferrero. Other SPC food and beverage investments include Bragg Live Food Products, Café Valley Bakery, Patriot Pickle, Mighty Spark, Kicking Horse Coffee and Applegate. SPC says it has invested in 64 platform companies and raised cumulative equity commitments of approximately $2.2 billion since 1996.
Fine Choice Foods, founded in 1986 by the Lui family in Vancouver, produces refrigerated Asian-inspired cuisine, including spring rolls, gyoza dumplings, bao buns and an apple pie roll, under the SUMM! brand. The company serves Canadian and U.S. markets from two facilities, employs more than 300 people and operates over 100,000 square feet of production space. According to SPC, during its ownership the company expanded its reach across Canada and the United States, enhanced its manufacturing and commercial infrastructure, and strengthened the SUMM! brand, helping drive a threefold increase in EBITDA.
Tyler Matlock, Managing Director at Swander Pace Capital, said the transaction reflects SPC's ability to partner with management teams to accelerate growth. Jason Longden, CEO of Fine Choice Foods, credited SPC's strategic perspective, network and category expertise with supporting the company's growth. Alex Litt, Managing Director at SPC, said the brand is well positioned for growth under Lios, citing rising consumer interest in global flavors and demand for convenient frozen and refrigerated foods.
The sale is SPC's second recent exit, following the September sale of its investment in Purely Elizabeth to Ferrero. Other SPC food and beverage investments include Bragg Live Food Products, Café Valley Bakery, Patriot Pickle, Mighty Spark, Kicking Horse Coffee and Applegate. SPC says it has invested in 64 platform companies and raised cumulative equity commitments of approximately $2.2 billion since 1996.
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