East Balt Inc., a Chicago-based baking company, announced Nov. 27 that it will be acquired by One Equity Partners, the private investment arm of JPMorgan Chase & Co. Terms of the transaction, which is expected to close before the end of 2012, pending regulatory approvals and normal closing conditions, were not disclosed.
“We are pleased to be entering into a new chapter in East Balt’s history,” says Frank Kuchuris, CEO of East Balt. “We believe that this partnership will create exciting opportunities for our company, our customers and our employees. My management team looks forward to working with One Equity Partners to build a world-class enterprise.”
According to Thomas Kichler, managing director of One Equity, “East Balt is a quality and service leader, and O.E.P. is excited to help the company grow with its valued customers.”
East Balt reportedly operates two U.S. baking plants—one in Denver and one in Chicago—as well as 20 baking plants in 12 countries on four continents. The company's product portfolio includes buns, bagels, biscuits, English muffins, tortillas and breads.
Source: FoodBusinessNews.net, GlobeNewsWire.com