US private equity firm Arbor Investments has acquired fresh and frozen premium baked goods manufacturer PBF Pita Bread Factory, marking its first investment in Canada.
Arbor this week said it had completed the acquisition of PBF Pita Bread for an undisclosed sum. The company produces a range of gourmet bakery items, including pita bread, tortillas, bagels, naan, cookies and pies. All are marketed under the company’s PBF Signature, Bakestone Brothers, and 24th Ave. brands or private label.
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The company recently relocated to a facility in Burnaby in Britih Columbia and has “ample capacity for growth”, Arbor said.
“PBF exemplifies the type of high-quality food manufacturer that Arbor seeks for its portfolio,” said Arbor VP Alan Weed. “PBF has thrived under the ownership of the Hayek family, and we are thrilled to be acquiring the business as it enters its next stage of growth.”
Fady, Sid and Ron Hayek will remain active in daily operations of the company and the family will retain a “significant” ownership stake going forward.
“Arbor is a great fit for us, and we look forward to a prosperous future for the company,” said Fady Hayek, president of PBF. “They will be a valuable resource on many levels and will allow us to maintain our historically strong trajectory of growth and profitability.”
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By GlobalData
