Aryzta closes on Cloverhill
by Eric Schroeder
ZURICH, SWITZERLAND — Aryzta A.G. said it has closed on its acquisition of Chicago-based Cloverhill Bakery. Aryzta bought Cloverhill from Quad-C Management, a middle market private equity firm based in Charlottesville, Va. Financial terms of the transaction were not disclosed.
Founded in Chicago in 1961, Cloverhill Bakery started out as a small, family retail bakery and has gone on to become an innovator of individually wrapped pastries for retail and food service customers. The company’s line of bakery snacks includes Danish pastries, cinnamon rolls, crumb cakes, cake donuts, honey buns and muffins.
The company operates two bakeries in the Chicago metropolitan area.
Quad-C invested in Cloverhill in 2009, and during its ownership, Cloverhill invested approximately $100 million in growth capital and grew revenue by more than 80%.
“Back in 2009, Quad-C saw Cloverhill as an exciting opportunity to invest in a high growth market leader in the packaged foods space, but equally as important, to partner with an aggressive, talented management team willing to reinvest significantly with us as co-owners,” said Frank Winslow, partner, Quad-C Management. “We are thrilled with the outcome of our work together, which resulted in substantial expansion and the creation of long-term value for the company.”
The Cloverhill investment is one of many consumer-focused investments in Quad-C’s 25-year history. Other representative investments in the sector include Augusta Sportswear, Generation Brands and Red Robin.
Aryzta’s acquisition of Cloverhill is the latest in a series of moves meant to expand the Swiss-based company’s presence in North America. In addition to Cloverhill, Aryzta is on track to acquire Ancaster, Ont.-based Pineridge Bakery for $340 million. Aryzta plans to close on the Pineridge transaction in the second quarter of fiscal 2014.