February 9, 2016

Private equity firm, Hammond, Kennedy, Whitney & Company, Inc. (HKW) announced that it closed on the acquisition of branded consumer food company, PANOS Brands from High Road Capital on January 29 for an undisclosed amount.

PANOS has a portfolio of products centered on ‘better for you’ foods in the specialty, natural, organic, and grocery segments, including KA-ME Asian foods, Andrew & Everett hormone-free cheeses, MI-DEL gluten-free and peanut-free baked goods, Sesmark rice and wheat-based crackers, Amore filled pastas and cooking pastes, and Chatfield’s allergen-conscious baking products.

“The PANOS opportunity met all the key criteria for an HKW investment,” said John Carsello, HKW Partner in a company statement announcing the acquisition.  “The Company participates in the attractive health and wellness niche of the food industry and has an excellent track record of growth.”

This deal marks the fifth exit for New Jersey-based High Road Capital’s debut fund, High Road Capital Partners Fund I, LP since its founding in 2007.

“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 in a recent press release. “PANOS’s revenues grew by over 50% and EBITDA grew by over 250% during the course of our ownership.”

PANOS chief executive officer, Steven Grossman, who will continue with the company after the closing, noted, “We are excited to move forward with HKW as PANOS embarks on its next phase of growth. HKW’s collaborative approach, vision for value creation, and their reputation as a trusted partner resonated very well with our management team.”