Los Angeles Business Journal

Acquisitions Announced at Wedbush Capital Partners

By Deborah Crowe Thursday, March 1, 2012

Wedbush Capital Partners on Thursday said that it had bought an ethnic food manufacturer in Chino, and announced that one of its tech portfolio companies also had made an acquisition.

The Los Angeles private equity firm said it acquired Passport Food Group, the holding company of Wing Hing Foods and Royal Pasta, both of which serves the food service and food manufacturing industries. Wing Hing Foods is one of the nation’s largest manufacturers of Asian noodle and wrap products, and Royal Pasta is the nation’s second oldest dry pasta manufacturer.

This deal is the seventh platform acquisition by Wedbush Capital Partners II, which specializes in acquiring lower middle-market companies with growth potential. Terms of the deal were not disclosed.

“We look forward to supporting the Passport management team on their various growth initiatives,” said Kevin Tom, a Wedbush Capital vice president involved in the deal. “The historical and expected future growth rates for both specialty categories of food products are compelling, and we expect to add growth through acquisitions as well.”

Separately, Wedbush Capital said that its platform company Critical Alert Systems, a Westbrook, Maine provider of specialized communication services to hospitals, first responders and certain defense-related industries, had made an acquisition.

Critical Alert bought Intego Systems of Jacksonville, Fla. which also specializes in paging networks and other proprietary systems. With the acquisition, Critical Alert Systems now serves more than 500 hospitals in the United States, Wedbush said.