Chicago, IL – August 2010; Basic American Foods announced the sale of its refrigerated potato business, Naturally Potatoes, to Libra Foundation.

Transaction Summary
City Capital Advisors, LLC was hired as the exclusive financial advisor to Basic American, Inc. in connection with the sale of Naturally Potatoes. The sale of the business furthers Basic American Food’s overall strategy to divest non-core businesses and strengthen its market leadership in its retained product categories and businesses. City Capital contacted both strategic and financial parties and managed a competitive process toward a fully-negotiated definitive agreement and subsequent closing with Libra Foundation.

Terms of the agreement were not disclosed.

About Basic American Foods
Family owned and operated since 1933, Basic American Foods is a global leader in providing value-added, branded shelf stable potato and bean products to the foodservice and consumer foods channels. Its principal brands delivering preparation convenience with scratch-like taste include Nature’s Own Potato Pearls®, Potato Pearls®, Potato Pearls Excel®, Golden Grill®, Redi Shred®, Classic Casserole®, Santiago®, Nana’s OwnTM, Idaho SpudsTM, and Hungry Jack® (a licensed trademark of The J.M. Smucker Company).

About Naturally Potatoes
Naturally Potatoes, a division of Basic American Foods, was acquired by Basic American, Inc. in 2005. Located in Mars Hill, Maine, Naturally Potatoes produces a full line of refrigerated potatoes including white mashed, redskin mashed, shreds, sliced, diced and wedges.

About Libra Foundation
Established in 1989, the Libra Foundation is a private philanthropic foundation which has approximately $300 million in assets.  The Foundation has made significant contributions to worthy causes throughout the State of Maine.  The Libra Foundation owned Naturally Potatoes from 2000 to 2005 when it sold the business to Basic America, Inc.  Founder Rodney McCrum and former Naturally Potatoes executive William Haggett will resume their leadership duties as President and Chief Operating Officer and Chairman and Chief Executive officer, respectively.  Naturally Potatoes will become part of the foundation's Pineland Farms companies. 

About City Capital Advisors
City Capital is a results-oriented investment and merchant banking advisory firm dedicated to delivering business owners optimal performance in capitalizing on the value of their companies. Client engagements are managed by experienced senior bankers who have built successful practices at renowned investment banks, but sought a highly focused environment from which to advise their clients in a highly responsive manner. Advisory capabilities include mergers and acquisitions, typically in the $30 million to $500 million value range, leveraged recapitalizations, private capital formation for growth/acquisition/ownership transition, financial restructurings and managing direct investments. Long standing relationships with strategic buyers and financial sponsors with interests across a wide variety of industries enables City Capital to offer its clients unique and proprietary execution capabilities. Since becoming a FINRA registered broker-dealer in 2007, City Capital has successfully advised on transactions totaling in excess of $1 billion.

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