Swander Pace Capital takes over Passport Food in US
Private equity firm Swander Pace Capital (SPC) has acquired Passport Food (Passport), a US-based manufacturer and distributor of internationally flavoured foods to foodservice and retail channels in North America.
Financial details of the transaction have not been disclosed by either company.
Passport supplies a wide range of flavoured products to restaurants and retailers across the country.
The company retails foodservice products under the Wing Hing and House of Bee brands, and its client-base includes Applebee’s, P.F. Chang’s, Panda Express, Cheesecake Factory, and Houlihan’s.
SPC primarily focuses on firms specialising in consumer products.
SPC managing director Heather Smith Thorne said: “Passport has established itself as an industry leader in high-quality, on-trend, innovative cuisines.
“With consumers increasingly looking for creatively flavoured, high-quality foodservice and retail products, Passport is well-positioned to leverage these trends and drive growth through a continued commitment to innovation, new products, and best-in-class manufacturing.”
Previously owned by Wedbush Capital Partners, Passport follows a partnership approach that encourages customers to collaborate with their research and development personnel throughout the product development process.
Passport CEO John Signorino said: “For decades, Passport has provided our foodservice, food manufacturing and retail customers with high-quality food products.
“Consumer trends dictate an increased demand for innovative, global flavoured, clean label products. Swander Pace Capital, with its strong track record of building and growing world-class food companies, is the ideal partner for helping us capitalise on these trends and strengthen our position as the category leader in high-quality globally-flavoured foods."
Passport recently launched organic appetisers, speciality noodles, wraps and crisps that were certified by the US Department of Agriculture (USDA).