Tricor Founders closes acquisition of Fresh Selections

Tricor Pacific Founders Capital has acquired the business and assets of Fresh Selections Inc, a Vaughan, Ontario manufacturer of premium, home meal replacement solutions. No financial terms were disclosed. Tricor Founders, a Canadian family office, made the investment through Freshstone Kitchen Inc, a new company formed to hold Fresh Selections and similar businesses that may be acquired over time. Fresh Selections is the third platform investment of Tricor Founders, which was launched two years ago by senior professionals at Tricor Pacific Capital. Earlier this year, the firm acquired Totally Chocolate Inc, a U.S. custom chocolate maker.

PRESS RELEASE

Tricor Founders Acquires Fresh Selections

Vancouver, British Columbia – On November 15, 2016, Tricor Pacific Founders Capital Inc. (“Tricor Founders”) successfully acquired the business and assets of Fresh Selections, Inc. (“Fresh Selections”), a market leader in the Canadian Home Meal Replacement industry. Based in Vaughan, ON, Fresh Selections is a manufacturer of premium, ready-to-eat entrees and appetizers made with fresh, natural ingredients.

Tricor Founders has made its investment in Fresh Selections through Freshstone Kitchen Inc., a new company formed to hold Tricor Founders’ investment in Fresh Selections and other similar businesses.

Fresh Selections’ General Manager, Michael Smith, said about the partnership, “We found the right partner in Tricor Founders. I appreciate their very long term investment horizon, and that they bring specific food industry experience to the table. They will help us take Fresh Selections to the next level, together.”

Richard Harris of Tricor Founders said about the transaction, “The investment is consistent with our strategy of making control investments in food and other consumer packaged goods businesses, with EBITDA of $2 to $10 million, across the Mid-West and Western USA and Canada. The home meal replacement industry is an attractive market, into which we’re keen to grow and build additional capabilities. We hope to make further acquisitions of businesses manufacturing fresh, prepared foods over the next few years.”

Grant Thornton acted as the sell-side advisor to Fresh Selections. Collins Barrow provided transaction advisory services to Tricor Founders and Bank of Montreal provided financing.

More Information on Tricor Founders

Tricor Founders combines 25 years of private equity experience in over 75 companies with deep operating knowledge. We do not manage institutional capital, but rather invest our own capital and focus on applying operating know-how in order to build thriving organizations over the long term. Our strategy is to make control investments in food and other consumer packaged goods businesses, with EBITDA of $2 to $10 million, across the Mid-West and Western USA and Canada.

We believe we are a unique buyer that combines a respect for the founder, an industry-focused investment strategy, industry-specific operating expertise, a long track record of transacting with certainty, together with a longer term investment horizon of 15+ years. For further information, please visit www.tricorfounders.com.

For more information please contact Richard Harris, Managing Director (richard.harris@tricorfounders.com; (604) 646-4372) or Derek Senft, Managing Director (derek.senft@tricorfounders.com; (604) 726-5051).

More Information on Fresh Selections

Fresh Selections is a manufacturer of premium, home meal replacement solutions. Since 1986, Fresh Selections has provided customers with quality and convenience by preparing fresh, restaurant quality food for all consumers. Fresh Selections operates out of a SQF Level III certified facility, which features modern equipment and couples both automated and manual processes to ensure attention to detail, taste, and excellence, rivaling that found in top quality restaurants. For further information, please visit www.freshselections.ca.

Photo courtesy of Fresh Selections Inc