Two private equity funds have teamed Awrey Bakeries with Atkins Elegant Desserts.
New York-based Monomoy Capital Partners and Northbrook, Ill.-based Hilco Equity Partners, which both own Awrey Bakeries, have acquired the assets and operations of Atkins.
Noblesville, Ind.-based Atkins will work closely with Livonia, Mich.-based Awrey Bakeries to provide high quality baked goods to foodservice and retail channels. Terms of the transaction were not disclosed.
Atkins is a niche manufacturer of cheesecakes, layer cakes and brownies for the foodservice industry, national restaurant chains and large retail customers. Common ownership of the Atkins and Awrey bakeries will expand the reach of the Atkins product line into Awrey’s national sales and distribution channels and will enable Awrey’s to expand its offering into cheesecakes and other premium dessert items, according to the companies.
“We are thrilled to expand the Awrey product line and customer base through this partnership with Atkins,” says Bob Wallace, Awrey’s CEO. “Atkins produces an industry-leading cheesecake for the foodservice and in-store bakery markets and provides an ideal extension to Awrey’s broad portfolio of fully-baked frozen bakery products.”
Founded in 1910, Awrey’s produces and markets high-quality finished frozen baked goods including Danish, muffins, croissants, cakes, biscuits and brownies.
“Building on a number of recent successes at the business, we continue to look for strategic opportunities that will enhance Awrey’s product portfolio and strengthen its market position,” says Ryan Bohr, a partner at Hilco Equity. “The Atkins family has built an excellent business and reputation for high quality products in the marketplace. The strategic relationship with Awrey’s offers a tremendous opportunity to significantly expand distribution of the Atkins product line nationally.”
Firms Team Awrey's Up With Atkins
June 3, 2009