Power Sustainable Lios, a private-equity firm specializing in food and agriculture investments, has acquired Richmond, British Columbia-based Fine Choice Foods Ltd. from a U.S. fund, marking the return of the company to Canadian ownership after eight years. The acquisition, announced Thursday, positions Power Sustainable Lios as the majority shareholder in Fine Choice, which produces the SUMM! brand of refrigerated Asian-inspired appetizers, including spring rolls, gyoza dumplings, and bao buns.
Farm Credit Canada and Toronto-based Bonnefield Financial Inc., through its agribusiness fund, are purchasing minority stakes in Fine Choice. The company will maintain its existing management team, according to the announcement. The seller was Swander Pace Capital, a San Francisco-based private-equity firm that had owned Fine Choice since 2018. Financial terms of the deal were not disclosed. Power Sustainable Lios typically invests in companies with annual sales between $150 million and $250 million and earnings before interest, taxes, depreciation, and amortization (EBITDA) of $15 million to $25 million.
This acquisition aligns with Montreal-based Power Sustainable’s broader strategy, unveiled in September, to invest at least $10 billion into Canadian businesses and infrastructure over the next five years. Power Sustainable Lios operates as the agri-food investment platform under Power Sustainable, the asset management division of Power Corp. of Canada, led by the Desmarais family.
Fine Choice is the fifth investment completed through Power Sustainable Lios’s $285 million inaugural fund, which also holds a stake in Food Cycle Science Corp. (FCS), a maker of kitchen appliances designed to recycle food waste. This deal follows the earlier 2026 acquisition of Ontario-based Crofter’s Organic, North America’s largest supplier of organic jams, jellies, and spreads, acquired from another U.S. private-equity firm.
Jonathan Belair, managing partner at Power Sustainable Lios, expressed satisfaction that ownership of Fine Choice has returned to Canadian hands, calling it "a moment of pride," though not a primary mandate. Craig Hanna, Power Sustainable Lios partner, highlighted the attractiveness of Fine Choice’s market segment, describing ready-made, refrigerated foods as increasingly popular due to their perception as fresher and more convenient compared to frozen alternatives.
Fine Choice’s established supply chain, Vancouver-area manufacturing facilities, and stringent food-safety standards support its wide distribution across Canadian and U.S. grocery chains, including major retailers like Costco. Power Sustainable Lios intends to expand the company’s product offerings and penetrate additional U.S. markets.
Despite inflationary pressures and economic uncertainty contributing to a slowdown in private-equity activity, food producers remain appealing acquisition targets. Canada’s food and beverage manufacturing sector, which contributes roughly $35 billion to the national gross domestic product—more than twice the size of the automotive sector—features numerous family-owned businesses at crossroads requiring capital infusion and professional management to drive growth.
Mr. Hanna emphasized the broad opportunity set within Canada’s food industry, while noting shifting consumer preferences towards convenient and ethnic food options even amid financial constraints. The recent acquisition trend includes investments like the private-equity arm of Fengate Asset Management taking control of Toronto-based healthy snack maker Sweets From the Earth while retaining founder involvement.