37th Street Bakery announced that it completed the acquisition of the assets and rebranding of Gold Standard Baking, LLC, North America's largest manufacturer of croissants and a producer of dough-based, sweet baked goods. The new company name represents a homage to its legacy bakery facility on 37th Street, off Kedzie Avenue on Chicago's southwest side, where it grew over its nearly 40-year history from a small specialty bakery to among the largest in the country.
"Today marks a historic day in our journey," noted Haq Chaudary, who continues his role as president & CEO. "We are excited to complete the sale to a new ownership group that is committed to supporting our growth over the long term. We enter this new chapter with a strong balance sheet, a committed and highly competent team, and a tradition of producing delicious baked goods. We are grateful for our customers and vendor partners who have supported us through this process, but most importantly, we appreciate the commitment of our 300+ valued and loyal team members."
"We are thrilled to complete the acquisition," added Tricor Pacific Capital and 13th Floor Capital, two meaningful investors in the acquiring entity, in a joint statement. "Haq Chaudary leads a capable and well-aligned team and the company operates in a growing product category, in which we have meaningful experience. As long-horizon, family office investors, we are excited to support 37th Street Bakery in its next chapter of growth."