Press Release

Mission Consumer Capital Announces Sale of Jardine Foods

October 1, 2015 · Fort Worth, Texas

Mission Consumer Capital ("Mission") is pleased to announce the sale of Jardine Foods, Inc. ("Jardine's"), a portfolio company, to Teasdale Foods, Inc. ("Teasdale"), a portfolio company of Snow Phipps Group. Jardine's facility in Buda, Texas will remain open and all employees will be retained as part of the transaction.

Mission acquired Jardine's in early 2011 as part of a recapitalization. During Mission's investment period, the company's sales grew 2.5x while earnings increased 12.5x.

Jardine's has been producing and marketing premium, natural and organic branded and private label Southwestern foods since 1979. While principally known for its salsa products, Jardine's produces sauces, dips, and other products as well. Jardine's leveraged facility upgrades, key additions to their leadership team, and other strategic improvements to become the preeminent supplier of premium private label salsas and dips for several of the largest retailers in the United States. Additionally, the company successfully expanded sales of its branded products into the Grocery, Mass, Drug, and Club channels.

"We are extremely proud of the accomplishments that Jardine's has made since we acquired the company nearly five years ago. When we were originally presented with the investment opportunity, we were able to identify key additions to the management team and board of directors that we knew would complement the existing team well. Since acquisition, we've deployed resources and capital to arm the team with the tools they needed to accomplish their aggressive growth plan. We are deeply appreciative of the Jardine's management team and the partnership they embraced with Mission." — Richard Garland, Partner, Mission Consumer Capital

About Mission Consumer Capital

Headquartered in Fort Worth, Texas, Mission Consumer Capital is a private equity firm focused exclusively on investing in leading consumer packaged goods companies. We add value to our investments by helping our partners grow — not through complex financial engineering or by loading our investments with excessive debt. The firm targets companies with annual EBITDA of $2 million–$15 million. For more information, please visit www.mission-cap.com.

About Teasdale Foods, Inc.

Founded 70 years ago and headquartered in Atwater, California, Teasdale is a provider of branded and private label bean, sauce, and hominy products to the retail, foodservice, and wholesale channels. The acquisition of Jardine's will serve as its first step of a planned expansion into other complementary Mexican food categories. Teasdale Foods has production facilities in Atwater, CA; Hoopeston, IL; Greeley, CO; and now Buda, TX. For more information, visit www.teasdalefoods.com.

About Snow Phipps Group

Headquartered in New York, New York, Snow Phipps Group is a private equity firm focused on middle-market control investments. With $1.5 billion of assets currently under management, Snow Phipps targets platform companies with enterprise values ranging from $100 million to $500 million. For more information, visit www.snowphipps.com.