LBC Credit Partners acted as the sole lender for a $36.5 million one-stop senior credit facility to support Frontenac Company‘s recapitalization of Wenner Bread Products, the company announced Thursday. Wenner Bread is a manufacturer of frozen, par-baked, and fully-baked dough, breads and rolls. LBC Credit also make an equity co-investment in Wenner as part of the deal. Frontenac Company is a Chicago-based private investment firm.
LBC Credit Partners, a leading provider of financing solutions to middle market companies, announced it acted as the sole lender and administrative agent for a $36.5 million one-stop senior credit facility to support Frontenac Company’s recapitalization of Wenner Bread Products, Inc., a leading manufacturer of high-quality frozen, par-baked, and fully-baked dough, breads and rolls. LBC also made an equity co-investment in Wenner.
The credit facility supported Frontenac’s purchase of Wenner, a family-owned wholesale bakery founded in 1956. Using their CEO1ST investing approach, Frontenac partnered with Jeff Montie, former President at Kellogg’s, to identify potential opportunities and help perform diligence for the transaction. Mr. Montie also assumed the role of CEO of Wenner post close.
“LBC was instrumental in helping us complete this investment and in navigating the challenges associated with investing in a family owned business. Their structuring experience, flexibility and commitment to a successful close are what made them a truly valuable partner. We look forward to working with them as our financial partner,” said Ron Kuehl, Principal, Frontenac Company.
“We’re pleased to support Frontenac in their purchase of Wenner,” added Douglas Goodwillie, a Director at LBC. “This transaction gives us the opportunity to partner with a top tier private equity firm in their purchase of a family business with a fifty-year history.”
LBC Credit Partners is a leading provider of middle market financing solutions including senior term, unitranche, second lien, junior secured, and mezzanine debt; and equity co-investments. LBC follows a “lend and hold” strategy, and typically invests $10 million to $50 million per transaction in support of acquisitions, growth strategies, refinancings, recapitalizations, and restructurings in a wide range of industries located throughout North America. LBC has more than $1.4 billion of capital under management with offices in Philadelphia, Chicago and New York. For additional information please visit www.lbccredit.com or contact Douglas Goodwillie at 312-263-0319.
Frontenac Company is a Chicago-based private investment firm founded in 1971. The firm invests in high-quality, closely-held companies, through its CEO1ST investment approach: partnering with proven executives to acquire and grow successful mid-sized companies.