High Road Capital exits Panos brands

High Road Capital said Tuesday it sold Panos brands LLC to Hammond, Kennedy, Whitney & Company Inc. Financial terms weren’t announced. Rochelle Park, New Jersey-based Panos makes and markets natural and specialty food products like KA-ME Asian foods, Andrew & Everett hormone-free cheeses, MI-DEL gluten-free and peanut-free cookies and pie crusts. Harris Williams & Co. advised PANOS while Jones Day provided legal advice.


NEW YORK, February 2, 2016 – High Road Capital Partners (www.highroadcap.com) has sold
portfolio company PANOS brands LLC, marking the fifth exit for the firm’s debut fund, High
Road Capital Partners Fund I, LP. Rochelle Park, New Jersey-based PANOS is a leading
manufacturer and marketer of natural and specialty food products. PANOS’s portfolio of brands
includes KA-ME Asian foods, Andrew & Everett hormone-free cheeses, MI-DEL gluten-free and
peanut-free cookies and pie crusts, Sesmark rice- and wheat-based crackers, Amore cooking
pastes and filled pastas, and Chatfield’s allergen-friendly baking products. The company was
acquired by Hammond, Kennedy, Whitney & Company, Inc. Transaction terms were not

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

High Road Partner Bill Connell added, “In partnership with CEO Steven Grossman, who joined
PANOS shortly after our acquisition, and his excellent management team, we executed our value
creation strategy by continually developing new products, expanding distribution capabilities, and
successfully integrating and growing one add-on acquisition.”

Steven Grossman will continue as CEO of PANOS brands post-transaction. He said, “With High
Road’s support, we achieved strong organic growth, developed innovative new products, and
focused our efforts on the fast-growing, specialty, natural, better-for-you, ‘free from,’ healthy and
organic food categories. We made investments to create a disciplined product development
process that has successfully launched new, on-trend products each year and we successfully
integrated Andrew & Everett. These investments have helped strengthen the PANOS brand and
deepen our relationships with distributors and retailers nationwide.”

Along with Mr. Connell, Principal Dan Gaspar and Partner Jerry Anderson led the High Road
investment team. Harris Williams & Co. advised PANOS in the transaction. Jones Day provided
legal counsel to the company.

High Road Capital Partners has completed 38 transactions – 14 platform investments, 19 add-on
acquisitions and five exits – since its founding in 2007.

For further information, please contact Bob Fitzsimmons of High Road Capital Partners at (212)

High Road Capital Partners
High Road Capital Partners is a private equity firm focused on smaller middle market
transactions. High Road was formed in 2007 and currently manages over $470 million of
committed capital. High Road focuses on niche-leading companies with revenues of $10 million
to $100 million and EBITDA of $3 million to $10 million. Once acquired, High Road works in
partnership with management to take the companies to the next level through a combination of
organic growth initiatives and add-on acquisitions. More information on High Road may be found
on its website, www.highroadcap.com.