The Bakery Companies, a portfolio company of Arbor Investments, has acquired the Smyrna, Georgia facility of Specialty Bakers.
The Bakery Companies (TBC) manufactures fresh and frozen breads, baked goods and dough products for foodservice, food manufacturing and retail customers in both the United States and the Caribbean. The company operates sixteen baking lines at six facilities, with more than 500 employees, and produces over six million baked goods daily including buns, English muffins, rolls, biscuits, frozen dough, artisan breads, and pastries.
TBC was founded in 1996 by Cordia and Tom Harrington and is headquartered in Nashville. Arbor acquired TBC in partnership with CEO Cordia Harrington in September 2019.
The acquired Smyrna facility is located less than 20 miles from TBC’s existing operations in Norcross, Georgia (acquired by TBC in 2016 through the buy of Masada Bakery) and produces and distributes laminated dough items including croissants and Danish, as well as sweet baked goods – brownie bites and tea cakes – for in-store bakeries at grocery retailers.
“We are thrilled to be welcoming the team of associates in Smyrna to our Bakery Companies family,” said Ms. Harrington. “Their product and customer portfolio complements our existing business and will enable us to offer a broader range of unique, high-quality baked goods across both sweet and savory categories. Bringing differentiated products that meet both the changing tastes of consumers and the evolving needs of our customers is critical, and Smyrna addresses both.”
Specialty Bakers, a producer of Ladyfingers and other baked goods, is headquartered in Marysville, Pennsylvania and has been a portfolio company of White Plains-based Stonebridge since 2010.
“Smyrna adds a sixth facility to our platform, brings exciting new manufacturing capabilities and is a highly attractive fit in terms of geographic location and proximity,” said Chris Tuffin, a partner at Arbor. “This is our second acquisition for TBC in just two months, we are exceptionally pleased to further grow and will continue to seek opportunities to add complementary businesses to our expanding group of passionate bakers.”
In March 2020, TBC acquired Steck Wholesale Foods, a South Dakota-based baker and distributor of English muffins and buttermilk biscuits to foodservice, self-distributing retailers, and wholesale distributors nationwide.
Arbor invests in the food, beverage, and related industries. Typical targets will have annual revenues of up to $300 million and EBITDA from $5 million to $50 million. Since founding in 1999, the firm has acquired or invested in over 80 North America-based food, beverage, and related companies. In July 2016, Arbor closed its fourth equity fund, Arbor Investments IV LP, with $765 million of capital and its first subordinated debt fund, Arbor Debt Opportunities Fund I LP, with $125 million of capital. Arbor is headquartered in Chicago with an additional office in New York.
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