CHICAGO — 37 Baking Holdings, LLC, a consortium of North American family offices, has completed its acquisition and rebranding of Gold Standard Baking, LLC, North America’s largest maker of croissants and a leading manufacturer of dough-based sweet baked foods. Financial terms of the transaction were not disclosed.
Following the acquisition, Gold Standard is now known as 37th Street Bakery, which the company said represents an homage to its legacy bakery facility on 37th St., off Kedzie Ave. on Chicago’s southwest side.
“Today marks a historic day in our journey,” said Haq Chaudary, who continues his role as president and chief executive officer. “We are excited to complete the sale to a new ownership group that is committed to supporting our growth over the long term. We enter this new chapter with a strong balance sheet, a committed and highly competent team, and a tradition of producing delicious baked goods. We are grateful for our customers and vendor partners who have supported us through this process, but most importantly, we appreciate the commitment of our 300 plus valued and loyal team members.
“While we have a new name, we are grounded in a deep passion to produce the most delicious, buttery rich, flaky, golden croissants, sweet fruit filled Danish, and aromatic cinnamon rolls.”
Gold Standard filed for Chapter 11 on June 22 in Delaware and sought customary relief from the court to ensure its operations proceed as usual. At that time, Gold Standard sought approval to consummate the sale to 37 Baking promptly.
“We are thrilled to complete the acquisition,” said Tricor Pacific Capital and 13th Floor Capital, two meaningful investors in the acquiring entity, in a joint statement. “Haq Chaudary leads a capable and well-aligned team, and the company operates in a growing product category, in which we have meaningful experience. As long-horizon, family office investors, we are excited to support 37th Street Bakery in its next chapter of growth.”Earlier this year Gold Standard sold its Pleasant Prairie, Wis., manufacturing facility to Crown Bakeries. The 200,000-square-foot baking plant, which opened in 2017, produces and distributes laminated dough croissant products.