Dec 20, 2012

High Road Capital Partners' Portfolio Company PANOS brands Completes First Add-On Acquisition

High Road Capital Partners ("") announced today that its portfolio company PANOS brands™ LLC has completed the acquisition of Ry-Con Specialty Foods, Inc. Ry-Con is a leading producer and distributor of hormone-free cheeses and other products that do not contain any antibiotics, preservatives or animal by-products 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 December 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.

“Andrew & Everett has established strong brand recognition among retailers and consumers of natural foods for high-quality, good tasting and healthier products,” said William Connell, a High Road Partner. “Ry-Con has developed a broad product portfolio and will benefit from PANOS’ well established distribution channels.”

“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, Chief Executive Officer of PANOS.

The Ry-Con Specialty Foods, Inc. acquisition closed on December 19, 2012. Financing for the transaction was provided by Fifth Third Bank, N.A. Transaction consideration was not disclosed. Working on the transaction from High Road were Partner William Connell, Partner Jerry Anderson and Vice President Dan Gaspar.

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.

For further information, please contact Bob Fitzsimmons of High Road Capital Partners at (212) 554-3265.

High Road Capital Partners

High Road Capital Partners is a private equity firm focused on smaller middle market transactions. High Road was formed in 2007 and currently manages over $150 million of committed capital. High Road focuses on niche-leading companies with revenues of $10 million to $100 million and EBITDA of $3 million to $10 million. Once acquired, High Road works in partnership with management to take the companies to the next level through a combination of organic growth initiatives and add-on acquisitions. More information on High Road may be found on its website,

Ry-Con Specialty Foods, Inc.

Ry-Con is a leading producer and distributor of high-quality hormone-free cheeses and other products in the U.S. under the Andrew & Everett brand. Ry-Con’s mission is to bring to market the highest quality cheese free of any hormones, antibiotics, preservatives, binders or fillers and animal by-products. Ry-Con was founded in 2001 by Tim Jones and is located in Mechanicsburg, Pennsylvania.

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