September 14, 2009 14:49 ET

Penfund Announces $20 Million Investment in CanGro Foods Inc.

TORONTO, ONTARIO--(Marketwire - Sept. 14, 2009) - Penfund, an independent provider of junior capital to middle market companies, announced today a $20 million debt investment in CanGro Foods Inc. ("CanGro"), an affiliated portfolio company of Sun Capital Partners, Inc. ("Sun Capital"). The terms of Penfund's investment were not disclosed.

"CanGro's Aylmer and Del Monte brands have been market leaders for generations and its products are staples in Canadian households," said Richard Bradlow, Partner, Penfund. Mr. Bradlow added, "CanGro has a strong and experienced management team supported by Sun Capital's significant operating resources and represents an ideal investment for Penfund."

Bruce Major, CanGro's CEO said, "We are excited by our new partnership with Penfund. They have a solid understanding of our business and we look forward to working with them in the future."

About CanGro Foods Inc.

CanGro is a marketer and manufacturer of shelf-stable foods sold mostly through the Canadian retail grocery channel. The Company manufactures and markets tomato products under the Aylmer brand and fruit and vegetable products under the Del Monte brand. CanGro also supplies retailers with private label products and sub-licenses the Del Monte brand in the frozen fruit and fruit snack categories.

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About Penfund

Penfund is an independent investment firm specializing in providing junior capital to middle market companies. Penfund provides high yield and mezzanine debt, control and minority equity, as well as bridge facilities, standby lines, underwritten facilities and financial guarantees. The firm is owned by its management team and is currently investing its most recently established fund, Penfund Capital Fund III. Penfund manages institutional funds sourced from Canadian pension funds, insurance companies and family offices and has invested more than $2.3 billion in over 220 companies since its establishment in 1979.

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About Sun Capital Partners, Inc.

Sun Capital Partners, Inc. is a leading private investment firm focused on leveraged buyouts, equity, debt, and other investments in market-leading companies that can benefit from its in-house operating professionals and experience. Sun Capital affiliates have invested in and managed more than 200 companies worldwide since Sun Capital's inception in 1995 with combined sales in excess of $40 billion. Sun Capital has offices in Boca Raton, Los Angeles and New York, and affiliates with offices in London, Paris, Frankfurt, and Shenzhen and Shanghai, China.

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