Fremont Partners today announced the acquisition, in partnership with management, of Specialty Brands, Inc. (“Specialty Brands” or the “Company”), a subsidiary of Tyson Foods. Tyson Foods retains a minority interest in the Company.

Specialty Brands, with headquarters in Ontario, California, is a leading producer, processor, and marketer of frozen food products, including frozen hand-held Mexican appetizers and entrees, frozen filled pasta and coated appetizers. Its brands include José Olé, Fred’s for Starters, Rotanelli, Marquez, Posada, Little Juan, and Butcher Boy.

“We are delighted to have the opportunity to partner with Specialty Brands' management as we begin a new chapter in the development of the Company. Specialty Brands has built tremendous momentum in the food service and retail channels, and we look forward to capitalizing on that as we go forward,” said Mark Williamson, Managing Director of Fremont Partners and Chairman of Specialty Brands.

“The acquisition fits with our model of partnering with management teams to build value by accelerating revenue growth and enhancing operating performance,” continued Williamson.

As is typical of Fremont Partners-led investments, the current management team will participate in the ongoing ownership and management of the Company.

“Our newly formed partnership with Fremont Partners will allow us to continue to grow our business while further strengthening our operations,” said Patrick O’Ray, President of Specialty Brands. "As such, it represents a great outcome for our customers, suppliers, and employees."

Specialty Brands has six manufacturing sites in New York, Missouri, Texas, New Mexico, and California. With approximately 1,650 employees, Specialty Brands had sales of $300 million in 2001.

Fremont Partners, which manages more than $1.8 billion of equity capital, invests across a diverse range of industries, including food and consumer products, healthcare and medical devices, building products, business services, specialty packaging, specialty finance, and industrial manufacturing. Fremont Partners makes substantial equity investments in operating companies with enterprise values up to $1 billion and seeks to deploy a minimum of $75 million in each transaction. Founded in 1991, Fremont Partners has invested over $1.1 billion in 17 companies, representing a total transaction value of approximately $4 billion.