Associated Brands is a leading North American manufacturer and supplier of private-label dry-blend food and household products that sells to 45 of the 50 largest North American food retailers. A strong customer base and sales momentum, diverse product portfolio, and opportunities for efficiency enhancements and acquisitions made Associated Brands an attractive opportunity. TorQuest's initial investment was in Fund I through an exchangeable debenture in November 2005, when the company was a publicly traded income fund. In May 2007, TorQuest successfully completed a going-private transaction with the support of Fund II investors, following a board-supported bid to acquire all of the operating subsidiaries of the income fund. In October 2013, TorQuest sold its interest in the company to Treehouse Foods.