Dewey’s Bakery, a US biscuit and cracker maker, has sold a minority stake in its business to France-based investment fund Eurazeo.
Publicly-listed Eurazeo said it has made a “EUR25m minority investment” in Dewey’s Bakery, a business based in Winston-Salem, North Carolina.
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Dewey’s Bakery chairman and majority owner Scott Livengood is also investing in the business as part of the transaction, which also sees a new chief executive arrive at the company.
Mike Senackerib, a former executive at Campbell Soup Co. and the then Kraft Foods, has taken the helm at Dewey’s Bakery and has also become an investor in the business.
“Scott and his team have created an exceptional product offering that is poised for continued success as consumers increasingly seek authentic brands with high-quality ingredients and delicious flavours,” Senackerib said.
Founded in 1930, a statement announcing the deal described Dewey’s Bakery as “a leading manufacturer of custom-branded products for the largest food retailers in the US and an emerging national brand in natural, speciality, and mainline grocery channels”.
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By GlobalDataLivengood said: “Dewey’s has established a strong presence in both speciality food retailers and supermarkets across the country driven by our amazing products, capabilities and team. With access to Eurazeo’s deep resources and know-how, paired with Mike’s proven leadership working on some of the most iconic brands in F&B, we aim to become a leader in our category in the years ahead.”
The deal is Eurazeo’s third investment in the food and beverage sectors. Jill Granoff, CEO of the investor’s Eurazeo Brands arm, said: “We have followed Dewey’s success over the years and are delighted to partner with Scott and Mike to drive further growth. We believe Dewey’s unique products, proven manufacturing capabilities, strong customer relationships, and leadership team are a recipe for continued momentum in a growing category.”
