Private equity fund Hilco Equity Partners has bought Atkins Elegant Desserts in partnership with Monomoy Capital Partners.
As part of the deal, Atkins will work with Awrey Bakeries, a Michigan bakery currently owned by Hilco Equity and Monomoy, to provide baked goods to the foodservice, restaurant and retail markets.
Terms of the transaction were not disclosed.
“We are thrilled to expand the Awrey product line and customer base through this partnership with Atkins,” said Awrey CEO Bob Wallace yesterday (28 May).
“Atkins produces an industry-leading cheesecake for the foodservice and in-store bakery markets and provides an ideal extension to Awrey’s broad portfolio of fully-baked frozen bakery products.”
With the Atkins transaction, Awrey said it will enhance its position as one of the largest privately-owned commercial bakeries in North America and will continue to be an active participant in consolidating the baked goods industry.
“Building on a number of recent successes at the business, we continue to look for strategic opportunities that will enhance Awrey’s product portfolio and strengthen its market position,” said Ryan Bohr, a partner at Hilco Equity.
“The Atkins family has built an excellent business and reputation for high quality products in the marketplace. The strategic relationship with Awrey offers a tremendous opportunity to significantly expand distribution of the Atkins product-line nationally.”