CSM Bakery Solutions announces intentions to sell BakeMark business
CSM Bakery Solutions, a global leader in bakery ingredients, products and services, announced its intention to sell its BakeMark business.
The company has retained Harris Williams & Co., an investment banking group, to help facilitate the sale.
The sale is in line with CSM's strategy to focus on their core business in Europe and North America, according to CSM's president and CEO Marianne Kirkegaard.
"Since its formation in 1998, BakeMark has operated as a free-standing distribution company and, in that time, built a strong and successful heritage," she said. "This divestiture will allow us to grow our business in Europe and North America by focusing on our value added bakery products and ingredients portfolio and allow BakeMark, under new ownership, to further strengthen their already strong capabilities and reputation as the industry's supply and distribution market leader in North America."
Based in Pico Rivera, California, BakeMark is a wholly owned CSM subsidiary that provides distribution services through a network of 25 distribution centers across the U.S. and Canada. BakeMark delivers a diversified line of products, ingredients and supplies to the food industry under brands that include Westco, Trigal Dorado and BakeSense.
Several weeks ago CSM separated its BakeMark operations from the core business and began operating it as a stand-alone entity with its former leader, Jim Parker, assuming the role of President and CEO. The sale of the business is a logical next step, according to Kirkegaard.
"In BakeMark we have an experienced leadership team that will do very well under new ownership," she said. "This is the ideal time to make that happen."