December 7 2020
Brynwood Partners Agrees to Acquire Take-And-Bake Pizza Business from ARYZTA North America
GREENWICH, CT — December 7, 2020 — Brynwood Partners VIII L.P. (“Brynwood VIII”) announced today that its newly-formed portfolio company, Great Kitchens Food Company Inc. (“Great Kitchens” or the “Company”), has acquired ARYZTA North America’s take-and-bake pizza business. Terms and conditions of the deal are not being disclosed.
Great Kitchens will be headquartered in Romeoville, IL and will continue to operate a 165,000 sq. ft. crust manufacturing facility in Chicago Heights, IL and a 155,000 sq. ft. topping plant in Romeoville, IL – the facilities employ approximately 700 employees. Brynwood is excited to welcome Admir Basic to the Company. Prior to the transaction, Mr. Basic previously worked for Aryzta and will become Great Kitchens’ President and Chief Commercial Officer. Bill Steckel will join Great Kitchens as its Chief Financial Officer.
Great Kitchens is the market leader in private label take-and-bake pizza. The Company’s delicious pizzas and flatbreads are sold to grocery, club and mass retailers, as well as into foodservice outlets nationally.
“We are thrilled to announce the creation of Great Kitchens,” said Henk Hartong III, Chairman and CEO of Brynwood Partners. “We are excited to return to the private-label pizza space with this new investment. Our prior investment in the private label frozen pizza space with Richelieu Foods, Inc. was very successful and we are confident in the prospects for Great Kitchens. We look forward to bringing a significant level of investment in new products and recipe innovations to our retail partners through our best-in-class facilities.”
“On behalf of Brynwood Partners, I would like to sincerely thank the ARYZTA team for being such great partners on this carveout. This is the first deal we have done together, and we look forward to continuing our relationship,” said Ian MacTaggart, President, CFO and COO of Brynwood Partners. With this acquisition, Brynwood Partners has now acquired 56 brands from 21 different corporate sellers.
Brynwood Partners was represented by Winston & Strawn LLP on legal matters and did not have investment banking representation. BMO Capital Markets served as the investment advisor to ARYZTA.
About Brynwood Partners:
Brynwood Partners, founded in 1984 and based in Greenwich, CT, is an operationally-focused private equity firm that makes control investments in North American-based lower middle-market companies. The firm targets non-core brands or companies operating exclusively in the consumer sector.
Brynwood Partners currently manages more than $1 billion of private equity capital for its limited partners, which include U.S. and international pension funds, fund-of-funds, endowments, foundations, high net worth family investment offices, and financial institutions. For more information on Brynwood Partners, please visit www.brynwoodpartners.com.