- Lincoln International LLC served as financial advisor to Klosterman and the sellers
- Klosterman was founded in 1892 by members of the Klosterman family
- Klosterman operates 17 bakeries and distribution facilities across eight Midwest states
New Water Capital Partners has acquired Cincinnati, Ohio-based Klosterman Baking Company Inc, a producer of fresh and frozen bakery items. The seller is the Klosterman family. No financial terms were disclosed.
Klosterman was founded in 1892 by members of the Klosterman family. Today the company operates 17 bakeries and distribution facilities across the eight Midwest states.
“New Water has a proven record of success in recognizing and building on the strengths of their partner companies to help them reach the next level of growth and success,” said Chip Klosterman, representing the selling Klosterman family, in a statement. “Their respect for the positive company culture Klosterman has nurtured over the past 130 years made them the preferred partner to take our company into the future.”
The acquisition of Klosterman adds to New Water’s presence in the manufactured foods sector, which includes frozen foods developer The Perfect Bite Co. and frozen foods manufacturer Pegasus Foods.
Lincoln International LLC served as financial advisor to Klosterman and the sellers.
New Water Capital L.P. is a private equity firm focused on lower-middle market companies in the consumer products and industrial manufacturing and services sectors with revenues of $30 million to $300 million.