|FOR IMMEDIATE RELEASE
GOURMAND, INC. MERGES WITH GOURMAND SPECIALTY
Company led by Leon Pinto Will Pursue New Locations
HERNDON, VA: Gourmand, Inc. today announced that it merged with Gourmand
Specialty Foods, Inc., a newly formed Herndon, VA-based holding company.
Gourmand, Inc. is a leading importer and distributor of high-quality
branded gourmet foods and ingredients for the finest restaurants and
hospitality institutions in the United States. Gourmand markets a
full line of branded specialties including such items as truffles,
foie gras, caviar and a complete line of pastry ingredients.
Leon Pinto, founder and CEO of Gourmand, Inc. and Prospect Partners,
L.P. formed Gourmand Specialty Foods, Inc. for the purpose of recapitalizing
and building the growing Gourmand, Inc. business. The company currently
operates two warehouse locations in the DC suburb of Herndon, VA
and Culver City, CA. Plans are underway to open additional warehouse
facilities in other major markets. Mr. Pinto is CEO of the new company
and remains a significant investor and shareholder.
"This is an exciting development for Gourmand and it's many
loyal customers and suppliers who have made our company successful
over the past 22 years," said Pinto. "With the substantial
financial resources of Prospect Partners, we are very well positioned
to grow. We look forward to developing new products, acquiring new
products and to serving our customers all over the country from
Prospect Partners, LLC of Chicago manages a $105 million private
equity fund focused on management-led leveraged acquisitions and
providing growth capital for lower middle market businesses with
niche strategies. Prospect principals William V. Glastris, Jr. and
Richard C. Tuttle will serve as directors of the new company. "Gourmand
is truly a quality-focused company and a perfect fit for our investment
strategy. We are thrilled to be partners with Leon Pinto and look
forward to helping Leon and his team build Gourmand over the coming
years" said Mr. Glastris.