Fengate Private Equity and Sweets from the Earth announce partnership to propel next stage of growth

TORONTO, Sept. 17, 2025 (GLOBE NEWSWIRE) -- Fengate Private Equity, a division of Fengate Asset Management (“Fengate”), today announced a partnership with Sweets from the Earth (or “the Company”), a leading manufacturer of 100% plant-based, allergy-friendly sweet baked goods, to further support the growth of the business throughout North America. Fengate is managing this investment on behalf of the LiUNA Pension Fund of Central and Eastern Canada.

This acquisition represents the second platform investment by Fengate Private Equity in the food and beverage sector in the past 18 months. Founder and Co-CEO Ilana Kadonoff and Co-CEO Marc Kadonoff will retain a significant minority stake and will continue to lead the business in partnership with Fengate.

A family-owned company founded in 2002 by Ilana Kadonoff, Sweets from the Earth makes a full line of original recipe, egg-free, dairy-free, 100% plant-based baked goods, crafted with the highest-quality, all-natural, responsibly sourced, kosher and halal ingredients. The company offers both a nut-free product line and a gluten-free product line.

“We are thrilled to partner with Fengate as we enter the next chapter of the Sweets from the Earth growth story,” said Ilana Kadonoff, Founder and Co-CEO, Sweets from the Earth. “Fengate was a natural fit from a partnership perspective, and shares both our entrepreneurial spirit and our vision for creating greater access to great-tasting, plant-based, allergy-friendly food products.”

“Fengate has demonstrated a deep understanding of our business from the outset and offers the resources and capabilities necessary to accelerate growth,” said Marc Kadonoff, Co-CEO, Sweets from the Earth. “We are highly aligned with Fengate on our ambitious growth plan for the Company, and look forward to expanding our business across Canada and in the U.S.”

“We are excited to partner with Ilana and Marc and support the next phase of growth at Sweets from the Earth,” said Jennifer Pereira, Managing Director, Head, Fengate Private Equity. “The Company has established a market-leading position through its truly unique product offering, which has been built on many years of quality and innovation. They are a perfect fit with our strategy of backing strong management teams with ample runway for growth, and we’re proud to support Canadian entrepreneurs and brands.”

In 2024, Fengate Private Equity completed the acquisition of Saco Foods, a leading U.S. food products company with a portfolio of brands including Dolci Frutta, California Sun Dry, Solo Foods, and Hoosier Hill Farm. Saco Foods then acquired Quinoa Corporation and its brands Ancient Harvest and Pamela’s.

Miller Thomson LLP served as legal advisor to Fengate and Royal Bank of Canada provided debt financing for the transaction. Cassels Brock & Blackwell LLP served as legal advisor to the Company, while Deloitte Corporate Finance Inc. served as financial advisor to the Company. Financial terms of the transaction were not disclosed.

About Sweets from the Earth:
Sweets from the Earth was founded in Toronto, Canada in 2002 as an all-natural vegan bakery. Our products are handmade in small batches using only the finest 100% plant-based ingredients in either our dairy, egg, sesame, peanut & nut free or dairy, egg, wheat & gluten free bakeries. We offer a delicious assortment of cakes, cookies, muffins, bars & squares available at natural food stores, grocery stores, cafes and restaurants across Canada. Sweet. Natural. Deliciously plant-based, ethical baked goods. www.sweetsfromtheearth.com

About Fengate Asset Management:
Fengate Asset Management is a leading alternative investment manager, with more than $24 billion in assets under management, focused on private equity, infrastructure and real estate strategies. With offices and team members across Canada and the United States, Fengate leverages more than 50 years of entrepreneurial experience to deliver excellent investment results on behalf of its clients. Fengate Private Equity, a division of Fengate Asset Management, is a differentiated investment platform supporting the growth ambitions of entrepreneurs through transformative capital. Learn more at www.fengate.com.

For more information:
Vanessa Naughton
Director, Communications and Marketing
Fengate Asset Management
416-709-3962
vanessa.naughton@fengate.com

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