The Mississauga, Ontario-based business, which operates three production facilities in the US and Canada, posted sales of $200m in the fiscal year to end June.
TorQuest managing partner Eric Berke said, “We have enjoyed our partnership with Associated Brands since acquiring the company in 2007 and are proud of the progress it has made.
“Through this transaction, we are placing Associated Brands into the hands of an outstanding strategic buyer and will complete a successful investment on behalf of our investors.”
TorQuest has recently hit the 75 per cent mark for third private equity fundraise. Back in June AltAssets reported that the firm had collected about C$450m from 50 LPs for its third fund, which is targeting C$600m.
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