Global Bakeries has acquired Van Nuys, California-based Better Baking Co, a provider of fresh cookies, loaves of bread and pitas to local markets and national chains. No financial terms were disclosed. Surge Private Equity and The Firmament Group invested in the transaction.
LOS ANGELES–(BUSINESS WIRE)–Global Bakeries, LLC (“Global Bakeries”) announces it recently closed its acquisition of Better Baking Co. (“Better”) led by Dallas’ Surge Private Equity with financing from The Firmament Group.
For over 25 years, Better has provided over 300+ SKUs of fresh cookies, loaves of bread, and pitas to local markets and national chains across the country. This acquisition becomes the second add-on for Global Bakeries within the year – following its recent acquisition of Bubbles Baking Co. on 3/4/2019. Collectively, all three bakeries now operate within a 10-mile radius of one another in Van Nuys, CA. Seller Ash Aghasi will come on as Chief Operating Officer for Global Bakeries.
Global Bakeries CEO, Chris Botticella, stated, “We are excited to partner with Ash, as Better has established itself as a manufacturer of premium bakery products in the regional LA market. Add to that the synergies in our operational geography, it became a no-brainer to acquire such a parallel company.”
Lewis Sharp, Partner at Surge Private Equity, said, “This acquisition greatly expands our product line, allows Global to reach new customers, and enables us to offer our existing customers higher quality service. Ash brings over 25 years of operational experience and has proven his knack for creating quality products. We are thrilled about this partnership.”
About Global Bakeries
Founded in 1985, Global Bakeries is a high-volume commercial bakery specializing in bagels, flatbreads, croissants, pita bread, and pita chips. Global Bakeries is one of the largest specialty bakeries privately owned in the western half of the United States. Employing more than 70 employees in its state-of-the-art facility in Pacoima, California, the bakery boasts an over 10-year average customer tenure.
About Surge Private Equity
Surge is a Dallas based private equity firm that seeks majority investments in growing businesses with $1.5-7.5MM of EBITDA where the seller will remain on board in an ongoing capacity. Together with its lending partners, Surge provides entrepreneurs with liquidity and investors with higher yields and greater accessibility through lower investment minimums.
About The Firmament Group
The Firmament Group, is a value-added partner to entrepreneurs, management teams and business owners and provides solutions by deploying versatile capital in a user-friendly way. Firmament seeks both senior, junior, and unitranche debt capital opportunities, and also provides equity capital structured as either preferred or common equity.