Fifth Third Bank Funds PANOS Acquisition of Ry-Con
High Road Capital Partners announced that its portfolio company, PANOS brands, completed the acquisition of Ry-Con Specialty Foods. The transaction represents the first add-on acquisition PANOS has completed under High Road’s ownership.
The Ry-Con acquisition closed on December 19, 2012. Financing for the transaction was provided by Fifth Third Bank. Transaction consideration was not disclosed.
Working on the transaction from High Road were partner William Connell, partner Jerry Anderson and vice president Dan Gaspar.
“Andrew & Everett has established strong brand recognition among retailers and consumers of natural foods for high-quality, good tasting and healthier products,” Connell said. “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, CEO of PANOS.
PANOS, which was acquired by High Road in December 2010, manufactures and markets natural and specialty food and beverage products sold in the U.S. and Canada.
High Road Capital Partners is a private equity firm focused on smaller middle-market transactions.
Ry-Con produces and distributes hormone- and antibiotic-free cheeses and other products in the U.S. under the Andrew & Everett brand.