Main Street Gourmet - new PE firm backer revealed

Main Street Gourmet - new PE firm backer revealed

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".

Nelson, 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."