Premium Brands Holdings has acquired food distributor Raybern Foods from TSG Consumer Partners. The sale comes on the heels of private equity firm acquiring supplements retailer LuckyVitamin from GNC Holdings Inc. (NYSE: GNC).

Raybern, founded in 1978, sells heat and read-to-serve deli style sandwiches under the Raybern's brand. The San Ramon, California-based target is know for its Philly cheesesteaks sandwiches. Some of its other items include barbecue pulled pork and pizza supreme.

Premium Brands, headquartered in Richmond, British Columbia, owns a number of food manufacturing and distribution business in North America. Some of the brands in the company's portfolio include: Harvest Meats, Grimm's Fine Foods, McSweeney's, Deli Chef, Centennial Foodservice and Diana's Seafood.

TSG is a private equity firm with offices in San Francisco and New York that solely focuses on the consumer sector including: food and beverage, restaurants, personal care and apparel. The firm has invested in beer producer Brewdog; jewelry company Charming Charlie; and fashion retailer Revolve. Founded in 1989, and has about $5 billion in assets under management.

In other recent food and beverage deals, Vestar Capital Partners agreed to acquire snacks producer Nonni's Food Group from Wind Point Partners; Starbucks Corp. (Nasdaq; SBUX) has agreed to sell the Tazo tea brand to Unilever plc; and Hormel Foods Corp. (NYSE: HRL) has agreed to buy deli meats producer Columbus Manufacturing Inc.

Piper Jaffray & Co. (NYSE; PJC) and Robert W. Baird & Co. served as financial advisers to Raybern which was represented by and Ropes & Gray LLP. Financial terms of the deal were not deal were not disclosed.