GTCR And Fairmount Food Group Announce Acquisition Of Swissrose International

Chicago - GTCR Golder Rauner, LLC (GTCR), a private equity firms, announced the acquisition of Swissrose International, the specialty cheese unit of ConAgra Foods, Inc., by Fairmount Food Group, LLC. Fairmount is a GTCR portfolio company formed in 2003 in partnership with Bing Graffunder, a 35-year food and beverage industry veteran and former COO of Morningstar Foods, Inc., a $1.1 billion subsidiary of Dean Foods.

Founded in 1938, Swissrose is a leading marketer of specialty and imported cheeses to retail and foodservice customers nationally. As a result of the transaction, Fairmount will be the largest U.S. importer and marketer of specialty and deli-style cheeses, with the combined business generating more than $500 million in annual revenues. The deal marks the fifth such acquisition for GTCR and Dallas-based Fairmount Food Group, whose recent additions have included DCI Cheese Company, its platform acquisition, Green Bay Cheese, Carter Meister and G&G Foods.

"We are pleased to facilitate this transaction between two outstanding and highly complementary companies," said Vince Hemmer, Principal at GTCR. "With its broad portfolio of import licenses and great track record of selling high-quality specialty cheeses to retailers, Swissrose is an extremely valuable addition to Fairmount's portfolio of branded cheese and other deli aisle food products."

"The addition of Swissrose is a major step toward expanding our branded offerings and delivering our customers the very best products and customer service," said Graffunder, CEO of Fairmount Food Group. "With this acquisition we are more than doubling the size of our specialty cheese portfolio and expanding our U.S. presence from coast to coast."

GTCR is a leading private equity investor in the consumer products sector, where it targets high-quality companies with unique opportunities for earnings growth. As consumer demand for specialty food and beverage products rises, GTCR is partnering with experienced management teams who can generate superior earnings growth through product and service innovation, strong sales management and marketing savvy.

"We see exceptional growth potential in the specialty foods niche as consumer tastes trend toward premium-quality, healthy and organic items," Hemmer added. "By partnering with Bing and building Fairmount through strategic acquisitions, we were in a very unique position to acquire Swissrose."

GTCR's investment success in consumer products and services reflects the firms underlying investment philosophy of partnering with exceptional management teams to build leading companies organically and through acquisitions.

SOURCE: GTCR Golder Rauner