Gourmand Specialty Foods, Inc.

FOR IMMEDIATE RELEASE
June 8, 2000
 

 

HUDSON VALLEY FOIE GRAS, LLC. ACQUIRES ASSETS OF A.G.Y. CORPORATION
New Company to Expand Production

FERNDALE, NY: June 8, 2000: Hudson Valley Foie Gras, LLC, a newly formed company, today announced that it acquired substantially all of the assets of A.G.Y. Corporation. A.G.Y. Corporation dba Hudson Valley Foie Gras is the leading producer of foie gras in North America. The company also markets a line of other specialty duck products including confit, breasts, legs, rendered duck fat and other items.

Michael Ginor, founder and President of A.G.Y. Corporation, and Izzy Yanay, co-founder and Vice President/General Manager of A.G.Y. Corporation, and Prospect Partners, L.P. formed Hudson Valley Foie Gras, LLC for the purpose of recapitalizing and building the growing A.G.Y. Corporation business. The company’s operations are currently in two locations in the Ferndale, NY area with its headquarters offices in Great Neck, NY Mr. Ginor and Mr. Yanay are President and Vice President/ General Manager, respectively, of the new company and remain significant investors and shareholders. Mr. Ginor also joins holding company Gourmand Specialty Foods, Inc. as Vice Chairman and a director.

"This is a truly exciting development for Hudson Valley,” said Ginor. “The partnership with Prospect Partners provides significant financial resources to expand our business and to serve our loyal customers better in light of the growing demand for foie gras as it continues to experience a more global acceptance.”

Prospect Partners, LLC of Chicago manages a $105 million private equity fund focused on management-led leveraged acquisitions and providing growth capital for lower middle market businesses with niche strategies. William V. Glastris, Jr., Richard C. Tuttle and Edward H. Benford will serve as directors of the new company.

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