‘Stalking horse’ emerges for Theodoro Baking

by Eric Schroeder
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ST. LOUIS — Brick by Brick L.L.C., an affiliate of Carson City, Nev.-based Nature’s Bakery, has emerged as the “stalking horse” bidder for Theodoro Baking Co. with a bid of $4.1 million. Theodoro filed for bankruptcy in August 2013.

Based in Hazelwood, Mo., Theodoro has more than 100 employees and operates a baking plant in Hazelwood where it produces wholesale baked foods and frozen bakery products marketed to a range of customers, including supermarkets, convenience stores and institutional customers such as in-house cafeterias. Its products are sold in the St. Louis region as well as into other unspecified markets around the country. Direct-store delivery distribution supplies customers in the St. Louis area.

Theodoro’s products include donuts, bread, bagels, cakes, cookies, pastries and other sweet goods. The company’s annual sales are estimated at $6 million to $7 million though they were significantly higher several years ago.

Founded in 2010, Nature’s Bakery makes fig bars in multiple flavors. The company projects its revenue will reach $100 million in 2014.

As the “stalking horse” bidder, Brick by Brick’s $4.1 million bid will be the minimum price for an auction of Theodoro’s assets, tentatively slated for Feb. 18. In the event Brick by Brick does not win the right to buy Theodoro, the U.S. Bankruptcy Court for the Eastern District of Missouri, Eastern Division, has approved a “break-up” fee of $185,000 to compensate Brick by Brick for expenses and costs incurred in connection with conducting due diligence, negotiating and participating in the bidding process.
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