Gourmand Specialty Foods, Inc.

FOR IMMEDIATE RELEASE
September 17, 1999
 

 

GOURMAND, INC. MERGES WITH GOURMAND SPECIALTY FOODS, INC.
Company led by Leon Pinto Will Pursue New Locations

HERNDON, VA: Gourmand, Inc. today announced that it merged with Gourmand Specialty Foods, Inc., a newly formed Herndon, VA-based holding company. Gourmand, Inc. is a leading importer and distributor of high-quality branded gourmet foods and ingredients for the finest restaurants and hospitality institutions in the United States. Gourmand markets a full line of branded specialties including such items as truffles, foie gras, caviar and a complete line of pastry ingredients.

Leon Pinto, founder and CEO of Gourmand, Inc. and Prospect Partners, L.P. formed Gourmand Specialty Foods, Inc. for the purpose of recapitalizing and building the growing Gourmand, Inc. business. The company currently operates two warehouse locations in the DC suburb of Herndon, VA and Culver City, CA. Plans are underway to open additional warehouse facilities in other major markets. Mr. Pinto is CEO of the new company and remains a significant investor and shareholder.

"This is an exciting development for Gourmand and it's many loyal customers and suppliers who have made our company successful over the past 22 years," said Pinto. "With the substantial financial resources of Prospect Partners, we are very well positioned to grow. We look forward to developing new products, acquiring new products and to serving our customers all over the country from new facilities."

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. Prospect principals William V. Glastris, Jr. and Richard C. Tuttle will serve as directors of the new company. "Gourmand is truly a quality-focused company and a perfect fit for our investment strategy. We are thrilled to be partners with Leon Pinto and look forward to helping Leon and his team build Gourmand over the coming years" said Mr. Glastris.

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