The Globe and Mail reports in its Thursday edition that Power Corp.'s Power Sustainable Lios has acquired Richmond, B.C.'s Fine Choice Foods from a U.S. fund as part of a push to put capital into Canadian companies that have North American reach. The Globe's James Bradshaw writes that the deal makes Power Sustainable Lios the majority owner of Fine Choice, which makes the SUMM! brand of Asian-inspired, refrigerated appetizers such as spring rolls, gyoza dumplings and bao buns. Farm Credit Canada and Toronto-based Bonnefield Financial Inc., through its agribusiness fund, are buying minority stakes in Fine Choice, which will keep its existing management in place. The seller was San Francisco-based private-equity firm Swander Pace Capital, which owned the company since 2018. Financial terms were not disclosed, but Power Sustainable Lios typically invests in businesses with $150-million to $250-million in annual sales. The deal is a first step in a plan that Montreal-based Power Sustainable announced in September to channel at least $10-billion into Canadian companies and infrastructure over the next five years. Power Sustainable plans to expand its range of products and push into new markets in the United States.
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