Rich Products acquires Goglanian Bakeries and f'real foods, establishes joint venture with Twin Star Bakery
Rich Products Corp., Buffalo, N.Y., has acquired Goglanian Bakeries Inc., Santa Ana, Calif., and f'real foods, LLC, Orinda, Calif., and entered into a joint venture, Twin Star Bakery, with business partner The Stolbun Group, Houston.
“The acquisitions of Goglanian Bakeries and f'real foods and establishment of our Twin Star joint venture are consistent with our ongoing commitment to shape and reshape our diverse portfolio to keep Rich's focused on a path of long term growth,” says Bill Gisel, Rich's president and CEO.
The acquisition of family-owned Goglanian Bakeries will expand Rich's current pizza business and provide the company with a line of par-baked pizza crusts, flatbreads and pitas to complement its existing strength in frozen pizza dough within the foodservice channel. Goglanian also possesses a manufacturing network, with operations in Santa Ana; Fountain Inn, S.C.; and Rochester, N.Y. In addition, its new, state-of-the-art facility located outside of Chicago is expected to open in the first quarter of 2013.
The addition of f'real foods provides Rich's with a new product line and greater penetration into the high-growth convenience store segment. The company sells milkshakes, smoothies and frozen coffee beverages, along with patented blending equipment, to convenience store and foodservice locations across the United States and Canada.
Twin Star Bakery is a new joint venture partnership between Rich's and The Stolbun Group, led by Sam Stolbun, who previously owned Camelot Desserts. Twin Star recently opened a state-of-the-art dessert manufacturing operation near Houston that produces high-quality, fully-finished cakes and baked and iced cookies. The Stolbun Group will manage Twin Star's research, development and production, while Rich's will oversee product marketing and sales, primarily through its In-Store Bakery Division.
Source: Rich Products Corp.