Feb 2, 2016
High Road Capital Partners Sells Portfolio Company PANOS Brands
High Road Capital Partners ("www.highroadcap.com") has sold portfolio company PANOS brands LLC, marking the fifth exit for the firm’s debut fund, High Road Capital Partners Fund I, LP. Rochelle Park, New Jersey-based PANOS is a leading manufacturer and marketer of natural and specialty food products. PANOS’s portfolio of brands includes KA-ME Asian foods, Andrew & Everett hormone-free cheeses, MI-DEL gluten-free and peanut-free cookies and pie crusts, Sesmark rice- and wheat-based crackers, Amore cooking pastes and filled pastas, and Chatfield’s allergen-friendly baking products. The company was acquired by Hammond, Kennedy, Whitney & Company, Inc. Transaction terms were not disclosed.
"We acquired PANOS as a spin-out of a European company and in our five years of ownership, helped build a stand-alone infrastructure that allowed PANOS to achieve significant growth," said Bob Fitzsimmons, High Road’s Managing Partner. "PANOS’s revenues grew by over 50% and EBITDA grew by over 250% during the course of our ownership."
High Road Partner Bill Connell added, "In partnership with CEO Steven Grossman, who joined PANOS shortly after our acquisition, and his excellent management team, we executed our value creation strategy by continually developing new products, expanding distribution capabilities, and successfully integrating and growing one add-on acquisition."
Steven Grossman will continue as CEO of PANOS brands post-transaction. He said, "With High Road’s support, we achieved strong organic growth, developed innovative new products, and focused our efforts on the fast-growing, specialty, natural, better-for-you, ‘free from,’ healthy and organic food categories. We made investments to create a disciplined product development process that has successfully launched new, on-trend products each year and we successfully integrated Andrew & Everett. These investments have helped strengthen the PANOS brand and deepen our relationships with distributors and retailers nationwide."
Along with Mr. Connell, Principal Dan Gaspar and Partner Jerry Anderson led the High Road investment team. Harris Williams & Co. advised PANOS in the transaction. Jones Day provided legal counsel to the company.
High Road Capital Partners has completed 38 transactions – 14 platform investments, 19 add-on acquisitions and five exits – since its founding in 2007.
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 $470 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, www.highroadcap.com.
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