Swander Pace Capital Acquires Passport Food Group
Swander Pace Capital, a leading private equity firm specializing in consumer products companies, acquired Passport Food Group, a leading manufacturer and distributor of internationally-flavored foods to foodservice and retail channels in North America.
Passport Food Group (Passport), was previously owned by Wedbush Capital Partners. Passport offers more than 125 authentic, boldly flavored SKUs to national restaurants and retail chains around the country. Passport’s customers include Applebee’s, P.F. Chang’s, Panda Express, Cheesecake Factory, and Houlihan’s. 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.”
Passport’s partnership approach is product development that encourages customers to collaborate with their R&D personnel throughout the process. 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,” says John Signorino, CEO 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."