Main Street Gourmet (MSG), a US bakery business servicing the in-store bakery and foodservice channels, has received backing from local private-equity firm Shore Capital Partners.
Shore said it has “completed a recapitalisation of Main Street Gourmet” but financial details were not disclosed and nor was the exact ownership structure of the company following the deal which was described as a “partnership”.
Akron, Ohio-based MSG provide frozen baked goods, including muffins, cookies, granola, brownies and bars, and other sweet goods to to customers across the US. It has around 160 employees and operates out of a 68,000 sq. foot manufacturing facility.
It was founded in 1987 by Steve Marks and Harvey Nelson.
Shore Capital said it is partnering with Marks and Nelson, the MSG management team, and the previous majority shareholder, Clover Capital Partners, in the venture.
It said it plans to invest in business development, sales and marketing, and production infrastructure to “further enhance operations and explore opportunities for inorganic growth through acquisitions and organic growth through adjacent product lines, customers and distribution channels”.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataNelson, the CEO of MSG, said: “We are proud of the custom and solutions-oriented bakery model we have built and scaled as a team and are excited to continue to serve our customers with a diverse range of high quality and differentiated products through a new phase of transformational growth.
“Our partnership with Shore Capital will allow us to accelerate our organic growth through expanding on our product capabilities, serving additional retail ISB [in-store bakeries] and speciality foodservice customers and broadening our footprint by pursuing acquisitions with other differentiated bakeries in adjacent categories and channels,”
Richard Boos, partner at Chicago-based Shore Capital and chairman of MSG, said: “We could not be more excited to partner with the entire MSG team and look forward to creating a leading multi-regional bakery platform in the US with a diverse range of high quality products, manufacturing capabilities and commitment to superior customer service.”
