The Bakery Companies, a US supplier of fresh and frozen baked goods, has announced investment into the business.
Private-equity firm Arbor Investments has backed the Nashville-based supplier. Financial terms and details of the new shareholding structure were not disclosed.
The Bakery Companies supplies foodservice, food manufacturing and retail customers. Cordia Harrington, who set up the business in 1996, will remain CEO. Brothers and baking-industry executives Yianny and George Caparos are to become The Bakery Companies’ president and chief development officer.
“As we look to accelerate our growth, we are thrilled to be partnering and investing with Arbor and the Caparos brothers. Not only do we get to partner with industry experts like Yianny and George, but also with Arbor, the most accomplished private equity investor in the baking space. Together, we will invest in the infrastructure and facilities we need to write an exciting next chapter for our company,” Harrington said.
Arbor has worked with the Caparos brothers in the past. In 2008, the private-equity firm acquired a controlling stake in the brothers’ Gold Standard Baking, one of nine investments the buy-out house has made in the baking sector. Arbor sold the stake to Tricor Pacific Capital in 2015.
Gregory Purcell, Arbor’s co-founder and CEO, said: “I’ve known Cordia since 1998 and have witnessed her incredible achievements. This three-way partnership is a perfect fit for Arbor, given our history and success investing in baking and partnering with dynamic entrepreneurs like Cordia and Yianny. It’s a potent combo.”
Yianny Caparos added: “My brother and I have known and admired Cordia for decades. We have tremendous respect for the business she has built and are thrilled to collaborate and invest with her and her outstanding team. As we enter our third partnership with Arbor, we’re eager to continue growing The Bakery Cos., bringing new ideas and innovation to meet the ever-changing needs of our customers.”