
SPC Investment Date
March 2002
SPC Investment Thesis
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Leading market position in the private label dry-pasta dinner category with visible reputation for
flexibility, innovation, and customer service
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Excellent growth prospects in the private label dry dinner category due to the increasing importance
of private label to retailers and increased consumer demand for value and convenient products
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Ownership of manufacturing provides significant product quality and cost advantages, permitting
higher margins
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Experienced management team capable of running a larger company and managing rapid growth
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Platform to expand into new products and customers
Key Sources of Value Creation
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Strategic Direction: Collaborated with management to develop and continuously refine a multi-year
strategic plan that involved an extension of the product line with new and existing customers while
preserving company’s strong internal culture.
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Operations: Leveraged SPC contacts to acquire a state-of-the-art production facility from American
Italian Pasta Company, increasing the Company’s capacity by 50% and allowing management to
pursue profitable revenue growth without supply concerns.
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Industry Contacts: Introduced the Company to a new ingredients supplier.
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Financial Performance: Navigated unprecedented raw material volatility to maintain margins and
grow sales and EBITDA by 3.1x and 3.9x, respectively, during SPC’s ownership.
Exit
SPC sold S.T. Specialty Foods to Windjammer Capital Investors in December 2008
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Case Studies Overview
Eagle Pack Pet Foods
Fleischmann's Vinegar
Liberty Brand Products
Oregon Chai
Reef Holdings
S.T. Specialty Foods, Inc.
Totes Isotoner
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