Private-equity firm Stellex Capital Management has snapped up family-owned US bakery company J. Skinner Baking.
Financial terms were not disclosed. In a statement announcing the deal, Nebraska-based J. Skinner said the sale would “support investment” into expanding production capacity, increasing automation and into new product development.
The company also announced the appointment of “multi-decade bakery operator” Doug Davidson as its new president and chief operating officer.
J. Skinner, which is headquartered in Omaha, was founded in 1983. The company has more than 800 employees and produces “artisan baked goods”, such as danishes, muffins, cinnamon rolls and brownies. It sells into foodservice providers, and in-store bakeries in grocery stores.
According to the company, it is “one of the largest in-store bakery providers“ in the US”, selling products in over 30,000 retail locations across all 50 states.
Audie Keaton, the CEO of J. Skinner, said Stellex has “supported the business with significant incremental day-one capital and liquidity to enable the company’s aggressive expansion plans”.
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Keaton added: “This new partnership will seek to strengthen our existing operations, support the company’s long-term growth agenda, drive sustainability, and bring value to J. Skinner’s employees, the Omaha community, and our nationwide customer base.”
Stellex, headquartered in New York has additional offices in Detroit, Pittsburgh, and London. The business has over $2.8m worth of assets under management.
It focuses on sectors including aerospace, defence and government services, transportation and logistics, manufacturing and food processing.
Elsewhere in US bakery, earlier this week, it was announced private-equity-backed Rise Baking Company had acquired fellow US business Table Talk Pies.
The deal gives Minnesota-based Rise Baking access to an additional three manufacturing facilities, taking the group’s total to 20 across the US and Canada.
In May, Canada-based private-label manufacturer Commercial Bakeries acquired US better-for-you baked goods maker Imagine Baking for an undisclosed sum.
The US company is a manufacturer of crackers, cookies, biscuits and brittle. Its portfolio is focused on the gluten-free and organic categories.
