Hilco and Monomoy Buy Dessert Maker

Hilco Equity Partners and Monomoy Capital Partners acquired the Atkins Elegant Desserts, Inc. The business will work closely with Awrey Bakeries, LLC, a Livonia, Michigan bakery currently owned by Hilco Equity and Monomoy. Atkins, located in Noblesville, Indiana, is a niche manufacturer of cheesecakes, layer cakes and brownies.

Press release:
Hilco Equity Partners, L.P., a private equity fund that makes controlling investments in middle market companies, announced today that it has acquired the assets and operations of Atkins Elegant Desserts, Inc. (“Atkins”) in partnership with Monomoy Capital Partners, L.P. Atkins will work closely with Awrey Bakeries, LLC, a Livonia, Michigan bakery currently owned by Hilco Equity and Monomoy, to provide high-quality baked goods to the food service, restaurant and retail markets. Terms of the transaction were not disclosed.

Atkins, located in Noblesville, Indiana, is a niche manufacturer of cheesecakes, layer cakes and brownies for the food service industry, national restaurant chains and large retail customers. The company’s specialized production capabilities allow Atkins to provide high- end dessert solutions at reasonable pricing. Common ownership of the Atkins and Awrey bakeries will expand the reach of the Atkins product line into Awrey’s national sales and distribution channel and will enable Awrey to expand its offering into cheesecakes and other premium dessert items.

“We are thrilled to expand the Awrey product line and customer base through this partnership with Atkins,” said Bob Wallace, the Chief Executive Officer of Awrey. “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.”

With the Atkins transaction, Awrey Bakeries, LLC enhances its position as one of the largest privately-owned commercial bakeries in North America and continues to be an active participant in consolidating the baked goods industry. Founded in 1910, Awrey produces and markets high quality finished frozen baked goods including Danish, Muffins, Croissants, Cakes, Biscuits and Brownies. Awrey specializes in developing customized solutions for large foodservice and bakery chains and foodservice distributors nationwide.

“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,” said 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 offers a tremendous opportunity to significantly expand distribution of the Atkins product-line nationally.”

About Hilco Equity Partners, L.P.

Hilco Equity Partners is a private investment firm established in 2002 to capitalize on the investment experience, asset valuation expertise, and the wide reaching network of business relationships resident in The Hilco Organization. Hilco Equity sponsors leveraged acquisitions and growth equity investments in middle market companies in partnership with experienced management teams. Hilco Equity provides the financial and operational support necessary to facilitate a transition to a more appropriately capitalized, more profitable and strategically competitive enterprise. In the past four years, Hilco Equity has completed 5 acquisitions in the food industry, a focus area for the firm. The Fund has a strategic relationship with The Hilco Organization, an internationally recognized provider of asset appraisals, enterprise valuation services, asset acquisition and disposition services, and specialized asset-related consulting services.

About Monomoy Capital Partners, L.P.

Monomoy Capital Partners, L.P. is a $280 million private equity fund that makes controlling investments in middle market companies. The Fund has completed 23 transactions in just over three years in the smaller end of the middle market and currently owns 10 business that collectively employ more than 8,000 people. Monomoy implements customized business improvement programs in all portfolio companies that reduce operating expenses, increase profitability and encourage meaningful growth. For additional information on Monomoy and its portfolio companies, please visit www.mcpfunds.com.

About Awrey Bakeries, LLC

Founded in 1910, Awrey is headquartered at its 215,000 sq.ft. facility in Livonia, Michigan and has 330 employees. Awrey Bakeries, LLC, is one of the largest privately-held foodservice bakeries in the United States, serving food service distributors, national accounts and in-store bakeries nationwide. Awrey produces and sells high quality finished frozen baked goods, including danish, cakes, muffins, croissants, brownies, and biscuits, in each of the 50 States, Canada and other locations.