Canada-based manufacturer Fine Choice Foods has been sold by Swander Pace Capital to private-equity firm Power Sustainable Lios.
In a statement, the new owner said Fine Choice’s management team “will remain significant partners” in the Asian-style foods business.
Farm Credit Canada and Bonnefield Financial also co-invested in the Summ! brand owner, Power Sustainable Lios added. Financial terms were not disclosed.
Fine Choice Foods was founded in 1986 in Vancouver and is now based in Richmond in British Columbia.
It manufactures refrigerated and frozen Asian-inspired appetisers and meals, including spring rolls, gyoza dumplings, and bao buns.
The company supplies club, grocery retail, and e-commerce outlets in Canada and the US.
Fine Choice operates two production facilities in British Columbia and employs more than 300 staff.
Swander Pace acquired Fine Choice in September 2018 from its founders, the Lui family.
In its statement, Swander Pace said the business tripled its EBITDA under its ownership following investments in production capacity and distribution across North America. It did not disclose figures.
Jason Longden will continue to lead the business as CEO alongside the existing executive team, according to Power Sustainable Lios.
Longden said: “Lios brings deep experience in food manufacturing and partnering with leading retailers, along with a collaborative approach that aligns closely with our culture and long-term vision. Together, we look forward to accelerating innovation, serving our customers, and bringing great products to even more consumers across North America.”
Under the new ownership, Power Sustainable Lios and its co-investors plan to back Fine Choice through investments in “product development, manufacturing capabilities, operational efficiency and continued expansion”.
The private-equity firm said it will look to widen the company’s product line, deepen relationships with existing retail customers and push the Summ! brand into new markets and channels.
Jonathan Belair, Power Sustainable Lios managing partner, added: “Fine Choice is exactly the type of business we look for at Lios: an established food company with strong manufacturing capabilities, deep customer relationships, and significant opportunity to scale.”
The purchase is the fifth investment for Lios Fund I, following its acquisition of Canadian organic fruit spread maker Crofter’s Organic in January this year.
For Swander Pace, the exit follows the sale of breakfast and snack brand Purely Elizabeth to Ferrero in September.
