Key Takeaways
- • Swander Pace Capital (SPC) announced the sale of Fine Choice Foods, maker of the SUMM! brand of Asian-inspired appetizers and meal solutions, to Power Sustainable Lios, the food-focused private equity platform of Power Sustainable.
- • SPC reports it tripled Fine Choice's EBITDA during its ownership, driven by expanded reach across Canada and the United States and upgraded manufacturing and commercial infrastructure.
- • The transaction is SPC's second recent exit, following the September sale of its investment in 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 announcement.
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, the food-focused private equity platform of Power Sustainable, according to a Business Wire release datelined Richmond, British Columbia. Fine Choice develops, manufactures and distributes fresh and frozen Asian-inspired appetizers and meal solutions under the SUMM! brand, including spring rolls, gyoza dumplings, bao buns and the original apple pie roll. The company was founded in 1986 by the Lui family in Vancouver and serves Canadian and U.S. markets from two facilities, with more than 300 employees and over 100,000 square feet of production space.
During SPC's ownership, the company partnered with management to invest in sales, product innovation and operational infrastructure. According to the announcement, Fine Choice expanded across Canada and the United States, enhanced its manufacturing and commercial capabilities, and strengthened the SUMM! brand, helping drive a threefold increase in EBITDA over the holding period. The release does not disclose the purchase price or other deal terms.
The sale is SPC's second recent exit, following its September disposal of Purely Elizabeth to Ferrero. SPC's other current and former food and beverage investments include Bragg Live Food Products, Café Valley Bakery, Patriot Pickle, Mighty Spark, Kicking Horse Coffee and Applegate. SPC states it has invested in 64 platform companies and raised cumulative equity commitments of approximately $2.2 billion since 1996.
Tyler Matlock, Managing Director at SPC, said the transaction demonstrates the firm's ability to partner with management teams to accelerate growth. Alex Litt, also a Managing Director at SPC, said the Lui family built a business the firm was proud to professionalize and scale, and that the brand is positioned for further growth with Lios given rising consumer interest in global flavors. Jason Longden, CEO of Fine Choice Foods, credited SPC's strategic perspective, network and category expertise with supporting the company's growth.
BMO Capital Markets Corp. acted as exclusive financial advisor, and Stikeman Elliott LLP served as legal counsel to Fine Choice Foods and SPC on the transaction.
During SPC's ownership, the company partnered with management to invest in sales, product innovation and operational infrastructure. According to the announcement, Fine Choice expanded across Canada and the United States, enhanced its manufacturing and commercial capabilities, and strengthened the SUMM! brand, helping drive a threefold increase in EBITDA over the holding period. The release does not disclose the purchase price or other deal terms.
The sale is SPC's second recent exit, following its September disposal of Purely Elizabeth to Ferrero. SPC's other current and former food and beverage investments include Bragg Live Food Products, Café Valley Bakery, Patriot Pickle, Mighty Spark, Kicking Horse Coffee and Applegate. SPC states it has invested in 64 platform companies and raised cumulative equity commitments of approximately $2.2 billion since 1996.
Tyler Matlock, Managing Director at SPC, said the transaction demonstrates the firm's ability to partner with management teams to accelerate growth. Alex Litt, also a Managing Director at SPC, said the Lui family built a business the firm was proud to professionalize and scale, and that the brand is positioned for further growth with Lios given rising consumer interest in global flavors. Jason Longden, CEO of Fine Choice Foods, credited SPC's strategic perspective, network and category expertise with supporting the company's growth.
BMO Capital Markets Corp. acted as exclusive financial advisor, and Stikeman Elliott LLP served as legal counsel to Fine Choice Foods and SPC on the transaction.
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