Equipment companies plan merger
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SCHENECTADY, N.Y. — Bake-Rite International and its strategic partner, Horizon Bradco, plan to merge under the name Horizon Bradco in 2014. The move is designed to better support the baking, commercial and industrial food industries with processing equipment and services. The company will retain the Bake-Rite brand.
Over the past five years the two companies have grown to more than $20 million in sales from $8 million. The companies have more than 100 employees and operate in 17 states along the East coast and in the Southeast.
Horizon Bradco is a distributor and food equipment provider to the supermarket, meat processing, bakery and food commissary markets. Based in Schenectady, it has other offices in Massachusetts, North Carolina and Florida.
Hamilton Robinson Capital, an investment firm based in Stamford, Conn., has provided capital for Horizon Bradco. Mark Panozzo, who is affiliated with Hamilton Robinson Capital, has been named chief executive officer of Horizon Bradco. He joined the company this year. Previously, he was president of Black Clawson Converting Machinery.
Brian and Kathy Donovan and Frank Corvino are other managing partners. In 1987, Brian Donovan founded Horizon Food Equipment, which merged with Bradco in 2004 to become Horizon Bradco.
Kathy Donovan, Brian’s wife, joined the company as vice-president of sales and marketing in 1994. Brian and Kathy Donovan partnered in 1995 to found Bake-Rite International. Kathy Donovan has been managing partner of Horizon Bradco and president of Bake-Rite International.
Mr. Corvino worked with Bradco as regional account manager from 1986 to 1995. He returned as a managing partner in 2002.