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TSG Consumer Partners Interest in Harry's Fresh Foods Purchased By Basic American Foods As Part of Acquisition

Posted on: Friday, 20 July 2007, 18:09 CDT

TSG Consumer Partners L.L.C. ("TSG"), the leading private equity investor in branded consumer products companies, announced today the sale of its full interest in Portland, Oregon-based Harry's Fresh Foods ("Harry's), a leader in fresh and prepared foods, as part of the acquisition of Harry's by Basic American Foods, of Walnut Creek, CA. Basic American is one of the world's leading suppliers of convenience food products.

"Joining with Basic American Foods will help bring Harry's to its next level of development, and we are very excited for the Company," said James O'Hara, a TSG partner. "Rod Harris, who founded Harry's, and his team have grown the Company at an impressive annualized 30% rate over the past decade, and we at TSG appreciate having had the opportunity to work with them and contribute to Harry's success."

"We appreciate the partnership we have had with TSG, and their support of our Company," said Mr. Harris. "We are now looking forward to our association with Basic American, which we anticipate will usher in a new era of further growth for Harry's."

Financial terms were not disclosed. TSG acquired its interest in Harry's in June 2003.

About TSG Consumer Partners

TSG Consumer Partners pioneered the use of private equity in high-growth, middle market branded consumer companies, and has maintained this focus since inception, with nearly a 20-year track record. The fund has generated top quartile returns on all realized branded consumer investments over four funds, and has developed a team of professionals with an unmatched breadth and depth of expertise that works closely with managements to build leading companies and strong brands. With approximately $1.5 billion in capital under management, TSG has invested in such brands as Terra Chips, Glaceau VitaminWater, PureOlogy, Smart Balance, Smashbox Cosmetics, Meguiar's, Famous Amos, MET-Rx and Mauna Loa Macadamia Nuts, among others.

About Harry's Fresh Foods

For nearly 30 years, Harry's Fresh Foods has provided consumers and foodservice partners with a range of fresh and prepared foods, including soups, chilis, stews, side dishes, entrées, sauces, gravies, and desserts. Harry's uses small kettles, prepared by professional chefs. Every batch is packaged using a state-of-the-art chill process to lock in freshness with no preservatives for superior purity and gourmet quality. Headquartered in an 80,000 square-foot plant in Portland, Harry's employs more than 250 people. For more information visit harrysfresh.com.

About Basic American Foods

Headquartered in Walnut Creek, California and privately held, Basic American Foods is one of the world's leading suppliers of convenience food products, including dry potato and dry bean products, and refrigerated potato products. Some of the company's leading brands in its family of premium products include: Nature's Own® Potato Pearls® Premium Mashed Potatoes; Golden Grill Russet™ Premium Hashbrown Potatoes; Potato Pearls®; Quick-Start® Chili; and Santiago® refried and black beans; and the Naturally Potatoes® brand of refrigerated potato products. Founded more than 75 years ago, Basic American Foods serves foodservice distributors, commercial, non-commercial foodservice operators, industrial, wholesale club, and retail customers in domestic and international markets. For more information, visit www.baf.com.

Source: Business Wire

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