FORT WORTH, TX – February 28, 2007 – U.S. Growth Funds Corporation (USGF) announced today that it has completed the acquisition of Lakeport, California based Private Harvest, Inc. Financial terms of the sale were not disclosed.
The Private Harvest acquisition was completed under USGF’s gourmet and specialty food platform, operating under the name Star Brands Corporation. In addition to Private Harvest, Star Brands owns Jardine Foods, a Texas-based producer of gourmet salsas, barbecue sauces and dips, which was founded in 1977.
Founded in 1991 by Bonnie and Kurt Frese, Private Harvest produces premium sauces, dips, dressings, spreads, and bread and cheese toppers, along with a variety of condiments for the gourmet table. The company’s products have broad distribution in the most up-scale Napa and Sonoma vineyards and other regional fine gift shops and specialty food retailers.
Founders Bonnie and Kurt Frese will continue to lead sales, product innovation and customer service for Private Harvest, said Bobby McGee, chief executive officer of Star Brands. Bonnie Frese, Private Harvest President, will be responsible for sales and new product development, and Kurt Frese is handling sales support and customer service.
Private Harvest was attractive to Star Brands, McGee said, because of the company’s reputation for producing gourmet wine-country products. “Every item Private Harvest produces is best-in-class and has strong appeal to gourmet enthusiasts who demand the very best,” he said. “We see continued growth in the entire gourmet category and have an aggressive plan to expand national distribution of our gourmet products.”
McGee said that growth will be fueled by expanded national distribution of Private Harvest products and continued focus on new product development. “We also believe Private Harvest’s relationships with wine-country retailers will be helpful in gaining distribution for other Star Brand offerings,” he said.
“Star Brands offers the depth of financial and managerial resources we needed to truly capitalize on the reputation we have developed over the past 16 years,” according to Bonnie Frese, president of Private Harvest. “It is great to be able to concentrate on increasing our distribution and developing more new products.”
“Bonnie is the quintessential entrepreneur,” McGee said. “She is a gifted gourmet chef, who consistently creates exquisite and delicious offerings that she enthusiastically brings to market. It is our intent to continue to support that entrepreneurial spirit.”
About Private Harvest:
To learn more about Private Harvest, visit us online at www.PrivateHarvest.com or by calling 707-263-0694. The company is located at 2617 S. Main St., Lakeport, Calif., 95453.
About U.S. Growth Funds Corporation:
U.S. Growth Funds (USGF) is a private equity firm and an equity investor in management and employee buyouts; invests in private equity sponsored buyouts, provides capital directly to private and small public companies. USGF provides capital to fund growth, acquisitions, going-private transactions and recapitalizations.
This press release contains forward-looking statements. The statements regarding expected results of U.S. Growth Funds Corporation are subject to various factors and uncertainties, including the uncertainties associated with the timing of transaction closings, changes in interest rates, availability of transactions, changes in regional or national economic conditions, or changes in the conditions of the industries in which U.S. Growth Funds Corporation has made investments. |
