TAMPA, Fla., June 25, 2024 /PRNewswire/ -- Hyde Park
Capital announced today that its client, St. Armands Baking
Company ("St. Armands"), a
Florida commercial bakery offering
local delivery, fresh and frozen availability, custom baking, and
co-packing, has been acquired by Engelman's Baking Co.
("Engelman's"), a leading wholesale bakery offering a complete line
of fresh and frozen bread products. Engelman's is a portfolio
company of Shoreline Equity Partners, LLC. Hyde Park Capital served
as the exclusive investment banker to St.
Armands for this transaction. Shutts & Bowen served as
legal counsel to St. Armands.
Bernard Vroom, Owner of
St. Armands, commented, "We are
thrilled to partner with Engelman's. Both companies have similar
backstories and share the same high standards. Strategically, we
will be able to expand our footprint in the Southeast and beyond.
Since 1981, our employees, customers, and suppliers have
transformed St. Armands from a
mom-and-pop bakery into the company it is today, serving thousands
of customers with quality organic and specialty breads. For all of
this, I am very grateful." Mr. Vroom added, "It has been a pleasure
to work with the Hyde Park team. Their industry expertise,
guidance, and perseverance were essential in the process of
separating the wheat from the chaff, landing the best outcome for
me, my employees, and my company. Many thanks to all at Hyde Park
for making this happen."
Rob Hathy, CEO of Engelman's
Bakery, said, "We are very excited to partner with the St. Armands team. Bringing together the
exceptional talent and culture that both companies share will allow
us to have a broader product portfolio and better serve our
customers."
Paul Bell, President and CFO of
Engelman's Bakery, added, "Bernard and the St. Armands team have done a terrific job
building the business over the years. This partnership strengthens
our national footprint and creates significant commercial
opportunities for both businesses."
Luke Horanski, Vice President of
Hyde Park Capital, said "It has been a privilege to work with, and
advise the St. Armands team
throughout this process. The combination of deep, long-lasting
customer relationships, and quality baking capabilities of
St. Armands and Engelman's were a
natural fit, and we could not be more excited for the
partnership."
About St. Armands Baking Co.
Headquartered in Bradenton,
Florida, St. Armands Baking Company began as a small retail
cake and pastry shop in the West Central, Florida district known as St. Armands Key.
Shortly after the Vroom family purchased the bakery in 1981, they
began to focus on producing high-quality breads and rolls, while
transforming the business into a wholesale operation, filling the
demand for fresh and frozen bakery products. For more information,
please visit https://www.starbake.com/about/history.
About Engelman's Baking Co.
Founded in 1982 and headquartered in Norcross, GA, Engelman's is a wholesale bakery
offering a complete line of fresh and frozen bread products to food
service and retail customers across the country. For more
information, please visit www.engelmansbakery.com.
About Shoreline Equity Partners, LLC
Shoreline is a lower-middle market private equity firm focused
on actively partnering with leading management teams. Shoreline
follows a total stakeholder model, meaning success should be a
"win-win" proposition for shareholders, employees, customers,
vendors, and the communities within which the Firm's companies
operate. With over $750 million of
committed capital under management, Shoreline seeks to lead equity
investments of up to $150 million per
transaction in support of buyouts, recapitalizations, and corporate
divestitures. Targeted businesses have enterprise values ranging
from $50 million to $350 million and EBITDA of $5 million to $25
million. For more information, please visit
www.shorelineequitypartners.com.
About Hyde Park Capital
Hyde Park Capital is an institutionally focused boutique
investment banking firm specializing in mergers and acquisitions
and focusing on serving the corporate finance needs of successful
founder and family-owned companies. Hyde Park's principals have
extensive investment banking experience managing merger and
acquisition engagements, including executing sell-side and buy-side
sales of company assignments, recapitalizations, financial advisory
services, fairness opinions, and raising growth capital and
acquisition financing for companies, including equity, mezzanine,
and senior debt. Hyde Park Capital has extensive experience across
numerous industry sectors, including industrial, technology,
healthcare, business, and financial services. Hyde Park Capital is
headquartered in Tampa, Florida,
and is a member of FINRA and SIPC. Hyde Park Capital is also a
member of the Geneva Capital Group (GCG) International M&A
Alliance (see www.gcg.com). For additional information, please
visit www.hydeparkcapital.com.
Media Contact:
Luke Horanski
Hyde Park Capital
horanski@hydeparkcapital.com
813-383-0202
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SOURCE Hyde Park Capital