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Bake-Rite International, Schenectady, N.Y., and its strategic partner, Horizon Bradco, will merge under the name Horizon Bradco in 2014 to better support the baking, commercial and industrial food industries with processing equipment and services. The new company also has drawn major capital from investment firm Hamilton Robinson Capital Partners.
Along with the merger and investment, the company has named Mark Panozzo CEO. Panozzo and current managing partners, Brian and Kathy Donovan and Frank Corvino, will expand the company’s footprint into new markets to fuel regional and national growth. Under the current management team and employees, the companies have experienced high growth over the last five years, from $8 million to more than $20 million, with more than 100 employees operating in 17 states along the East Coast and Southeast.
“These changes bring together the talent, knowledge and resources needed to transform Horizon Bradco,” says Kathy Donovan. “We are very excited to have Mark join our team and are confident that existing and prospective customers will recognize the benefits brought about by efficiency improvements, new products and expanded markets.”
The company already has begun implementing changes to complete the merger in early 2014. It will retain the Bake-Rite brand to provide its baking equipment solutions and expertise to that specific industry while maintaining the original mission of both companies to provide the best equipment and service to the food preparation industry.
“Brian, Kathy and Frank have created a dynamic company that is ideally positioned for growth with several of its market-leading customers in the supermarket and food service industries,” says Panozzo. “Together, along with the employees who have built this company, we intend to take the company to a new level.”
Panozzo will focus on improving logistics and implementing policies and procedures that will lead to more efficient and effective management of the company. He is affiliated with Hamilton Robinson and brings extensive customer-facing leadership experience in the manufacturing sector.