Private equity firm Paine & Partners has made an investment in Sunrise Growers-Frozsun Foods.
Sunrise, headquartered in Placentia, Calif., produces frozen strawberries and other fruit products. Terms of the transaction weren’t disclosed.
The deal marks an exit for private equity firm Sun Capital Partners Inc., which invested in Sunrise in June 2008. The company has other investments in the food and beverage sector, including Contessa Premium Foods, a seafood and frozen meal company, and Creekstone Farms, a beef product processor.
Foster City, Calif.-based Paine focuses on investing in food and agriculture business companies. Its portfolio companies include Costa Group, a fruit and vegetable grower, and Icicle Seafoods Inc., a seafood-product processor.
The deal follows several others in the food sector, including Barilla’s exit of Lieken AG, a bakery chain business, Paine’s portfolio company Costa Group’s acquisition of Adelaide Mushrooms and TSG Consumer Partners LLC’s investment in My Fit Foods LLC.