Wessanen sells brandThis article was originally published in Foodnews
ROYAL Wessanen has sold its US subsidiary, Panos Brands. An affiliate of private equity company High Road Capital Partners Fund has acquired the brand for USD22 million. Wessanen said the deal, which it had been considering for some time, is in line with its strategy to focus on organic food in Europe. Operating mainly in France, the Benelux, the UK and Germany, Wessanen's goal is to become the "organic food champion" in its chosen markets. The group also produces frozen snack products in the Benelux and fruit drinks and cocktail mixers in the US. Panos produces natural and speciality food and beverages in the US and Canada with brands including KA-ME, Sesmark, Soy Kaas and Amore. It recorded operating profit of USD3.3 million for the year ended 30 September, 2010, on sales of USD32.6 million.