Swander Pace Capital, a San Francisco-based private equity firm specializing in consumer products companies, acquired Passport Food Group, a manufacturer and distributor of internationally-flavored foods to foodservice and retail channels.
Passport Food Group, Ontario, Calif., was previously owned by Wedbush Capital Partners, Los Angeles. Passport offers more than 125 authentic, boldly flavored SKUs to national restaurants and retailer chains, including Applebee’s, P.F. Chang’s, Panda Express, Cheesecake Factory and Houlihan’s nationwide. Foodservice products are sold under the Wing Hing and House of Bee brands.
“Passport has established itself as an industry leader in high-quality, on-trend, innovative cuisines,” says Heather Smith Thorne, managing director at Swander Pace Capital. “With consumers increasingly looking for creatively flavored, high-quality foodservice and retail products, Passport is well-positioned to leverage these trends and drive growth through a continued commitment to innovation, new products and best-in-class manufacturing.”
Recent on-trend product launches by Passport include USDA-certified organic appetizers, specialty noodles, wraps and crisps.
“We are proud to partner with Passport Food Group, a highly-respected company and industry leader with world-class products and a growing customer base,” adds Mark Poff, managing director at Swander Pace Capital. “We look forward to working with the Passport management team to drive growth through continued R&D and new product development, expansion of retail and club relationships and operational performance improvements."
“For decades, Passport has provided our foodservice, food manufacturing and retail customers with high-quality food products,” said John Signorino, chief executive officer of Passport Food Group. “Consumer trends dictate an increased demand for innovative, global flavored, clean label products. Swander Pace Capital, with its strong track record of building and growing world-class food companies, is the ideal partner for helping us capitalize on these trends and strengthen our position as the category leader in high-quality, globally-flavored foods."