News
The Vermont Bread Company, A Charterhouse Group Portfolio Company, Acquires The Adams Bakery Corporation
New York, NY, July 6, 2005
The Vermont Bread Company, the leading maker of premium natural, organic and 'better-for-you' breads, muffins and other bakery items has acquired the ongoing business and assets of The Adams Bakery Corporation, including the rights to The Baker™ brand of all-natural bread, rolls, granola and other all-natural baked goods. Vermont Bread is a portfolio company of Charterhouse Group, Inc. a New York-based private equity firm that has been actively investing in middle-market businesses and backing entrepreneurs since 1973.
Vermont Bread's CEO, John Foley, said, "We are excited to bring another high quality brand of all natural baked goods and snacks into our portfolio. The Baker™, and its all-natural, whole grain market position, will be a strong complement to Vermont Bread's existing natural and organic product offering. I am excited to welcome the Adams employees to our team and look forward to working with the distribution and retail partners of The Baker™ to make this a very successful union."
Chris Adams, the CEO and primary shareholder of Adams Bakery, said, "It was important for me to sell our family business to a group that would be a good caretaker of the brand and would work with our team members who have helped make our thirty-year old business very successful. I want to thank all of the employees of Adams for their support and great efforts over the years."
The transaction is consistent with Charterhouse Group's strategy of developing and executing build-up strategies in fragmented industries and it is also representative of Charterhouse's focus on making investments in consumer sectors that are oriented towards healthy living and wellness.
Joe Rhodes, Charterhouse Group Partner, stated, "This first add-on acquisition makes The Vermont Bread Company the largest natural and organic bread company in the United States. The added scale that The Baker delivers will allow us to improve our distribution in the Northeast and provide enhanced service to the Vermont Bread and The Baker™ retail partners and customers."
The Baker™ is a leading producer of all-natural organic whole grain breads and other all-natural baked goods in the Northeast United States. The Company operates a distribution network that services more than 1,500 supermarket chains and independent grocery stores from the Mid-Atlantic to New England.
The Vermont Bread Company is the largest producer of natural and organic bread and muffins in the Northeastern United States. The Company currently sells its products throughout the Northeast and Mid-Atlantic regions, including to national natural/organic markets and independent health food stores and within conventional, mass and supermarket channels.
Charterhouse Group, Inc. is a private equity firm with three decades of experience in building leading middle-market companies. Established in 1973, Charterhouse currently manages in excess of $1.7 billion in equity through several limited partnerships. Since its inception, Charterhouse Group has completed investments in over 90 platform companies with a focus in the Business Services, Healthcare Services and Consumer sectors. For more information, please visit www.charterhousegroup.com.
Mintz & Co. LLC acted as advisor to The Vermont Bread Company. Adams Harkness acted as advisor to The Adams Bakery Corporation.
Contacts:
Charterhouse Group:
David G. Hoffman, Partner - 212-584-3234
Joe Rhodes, Partner - 212-584-3227
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