Monomoy Capital Partners acquires Awrey Bakeries
Awrey Bakeries, Inc., is a premium foodservice bakery serving markets ranging from national food service distributors to the U.S. Military.
16/08/05 Monomoy Capital Partners, LLC (“MCP”), has announced that it has completed its acquisition of Awrey Bakeries, Inc for approximately $25 million in partnership with Hilco Equity Management, LLC. The purchase is the first by Monomoy since the firm was founded in March 2005 to make controlling investments in distressed, underperforming or orphan businesses in the smaller company market.
Awrey Bakeries, Inc., headquartered in Livonia, Michigan, and founded in 1910, is a national premium foodservice bakery serving markets ranging from national food service distributors to the U.S. Military. The Company produces and sells frozen baked goods to major distributors and retail outlets in each of the 50 States, Canada and other locations, and has approximately 330 employees. Awrey filed for bankruptcy protection on February 2, 2005.
Monomoy and Hilco will invest substantial capital into the company, recapitalize Awrey’s balance sheet, improve the Company’s cost structure and improve the Company’s manufacturing process. Monomoy and Hilco worked closely with United Distributive Workers, RSDWU, the union for all Awrey employees, to complete the acquisition, and the union’s continuing active participation in the restructuring is critical to the success of the company.
Alden Knowles, who has 15 years of management experience in the food processing and marketing industry, will be the new Chief Executive Officer of Awrey. Mr. Knowles has held senior management and turnaround positions at the Bakery Division of Bunge Foods and Hazelwood Bakeries. Mr. Knowles and the new senior management team will execute a complete analysis and overhaul of the company’s products and operations, including an analysis of opportunities for expansion into higher-margin product lines.
