Market Overview

Swander Pace Capital Acquires Fine Choice Foods

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Deal Marks Firm's Latest Addition to Globally-Flavored Foods
Portfolio

Swander Pace Capital, a leading private equity firm specializing in
investments in consumer product companies, today announced that it has
acquired Fine Choice Foods, a leading developer, manufacturer, and
distributor of fresh and frozen Asian-flavored appetizers to retail and
foodservice channels in Canada and the U.S.

Since its founding in 1986, Fine Choice has grown from a small,
family-run store on Vancouver's Cambie Street to become one of the
largest and most recognized providers of on-trend international foods.
The company's products, which include items sold under its Sum-m! brand,
enjoy a wide distribution network among prominent North American
retailers, including Costco, Loblaws, and Sobeys, as well as select
foodservice customers. In addition, the company has a leading position
in the refrigerated appetizers category, which is one of the fastest
growing segments in the category.

"As a leader in one of the fastest growing segments of an already
dynamic industry, Fine Choice is a very attractive investment for us,"
said Heather Smith Thorne, managing director at Swander Pace Capital.
"What's more, the company's ability to bring innovative, Asian-inspired
flavors to a diverse marketplace--using clean, high-quality, natural
ingredients--has earned Fine Choice a strong distribution footprint and
high customer loyalty."

The acquisition represents Swander Pace Capital's second recent
investment in the space. In 2017, the firm acquired Passport Food Group,
a California-based developer, marketer and distributor of
globally-inspired appetizer, noodle and wrap products to the foodservice
and retail channels. Passport Food Group is led by Michael Axelrod, who
will also serve as CEO of Fine Choice Foods.

"The team at Swander Pace possesses a strong grasp of changing consumer
tastes and preferences," said Axelrod. "They have a proven track record
in providing consumer companies the guidance and resources they need to
perform at the highest levels. We look forward to working alongside the
current Fine Choice team to build on the Company's impressive legacy and
grow the business through organic growth and acquisitions."

"The decision to add Fine Choice to our portfolio was a highly strategic
one," added Mark Poff, managing director at Swander Pace Capital. "As
consumer tastes become wider and more varied, there is tremendous
opportunity to build a clear leader in high-quality, on-trend,
international cuisine—especially in the prepared and refrigerated
category. Fine Choice Foods is an exceptional complement to our existing
investments in the space, which will continue to remain a major focal
point for us as it expands."

The investment in Fine Choice was made from Swander Pace's Fund VI.
Terms of the deal were not disclosed.

About Swander Pace

Swander Pace Capital (SPC) is a private equity firm that invests in
companies that are integral to consumers' lives. SPC's consumer industry
expertise informs the firm's strategic approach and adds value through
access to its proven SPC Playbook, senior team, and extensive network.
The firm partners with management teams to help build companies to their
full potential. SPC invests in businesses across three domains of
consumer lifestyles: Food + Beverage, Body + Wellness, and Home +
Family. With offices in San Francisco, New Jersey, and Toronto, SPC has
invested in more than 45 companies and raised cumulative equity
commitments of approximately $1.8 billion since 1996. For more
information, visit www.spcap.com

About Fine Choice Foods

Fine Choice Foods is based in Richmond, British Columbia, and has been
dedicated to delivering quality Asian foods to the North American Market
since 1986. Specializing in hand-rolled spring rolls, gyoza, wontons and
more, the company manufactures product out of its state-of-the-art
facility where it employs over 150 people.

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