Shore Capital Partners Announces Recapitalization of Sweetmore Bakeries Through a Special Purpose Vehicle
CHICAGO--(BUSINESS WIRE)--Shore Capital Partners ('Shore Capital' or 'Shore'), a Chicago-based private equity firm with offices in Nashville, announced its strategic investment in support of the recapitalization and growth of Sweetmore Bakeries ('Sweetmore' or the 'Company'), a wholesale commercial bakery focused on innovative and custom sweet baked goods products into the ISB, foodservice, club, and c-store channels. Sweetmore, an existing Shore Capital Food & Beverage portfolio company since 2019, was recapitalized through a Special Purpose Vehicle backed by Shore Capital Partners (the 'SPV').
We are proud and excited to continue to partner with Sweetmore to support its next phase of growth. Seeing the business grow exponentially in the last five years speaks to the incredible efforts of the Sweetmore team.
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Sweetmore Bakeries was formed through its initial partnership with the founders of Main Street Gourmet and grew to become a leading company in sweet baked goods with a combination of organic growth, acquisition, and capital investment. The Company manufactures products such as muffins, brownies, cookies, biscotti, scones, Danishes, biscuits, bars, cinnamon rolls, pan dulce, and other related items in flexible format solutions. Company Chairman and Shore Partner Richard Boos commented, 'We are proud and excited to continue to partner with Sweetmore to support its next phase of growth. Seeing the business grow exponentially in the last five years speaks to the incredible efforts of the Sweetmore team, under CEO, David Veenstra's leadership. The performance has been impressive to-date and we believe we have a strong financial and strategic outlook ahead.'
'We believe the business is well-positioned for future growth, making the recap to a Special Purpose Vehicle a compelling opportunity. Rising labor costs and increased emphasis on offering unique and innovative bakery items are driving retail and restaurant operators to identify efficient supply chain solutions while maintaining quality,' added Jeff Smart, Principal at Shore Capital.
David Veenstra, Chief Executive Officer of Sweetmore Bakeries, also spoke about the journey. 'Over the past five years, Sweetmore has emerged as a go-to supply chain partner for top grocery and restaurant chains by focusing on sweet baked goods product expertise, R&D and innovation, responsiveness, and flexibility. The entire management team is excited to continue our partnership with Shore Capital, whose resources and support will allow us to further invest in our organization, capitalize on a robust pipeline of add-on acquisitions, and pursue additional product development and growth opportunities.'
About Sweetmore Bakeries
Sweetmore manufactures a diverse array of baked goods through its family of bakeries, offering products that accommodate specific customer needs in frozen dough and batter, fully baked thaw-and-serve, and shelf-stable formats to customers in the in-store bakery, foodservice, and club channels. Sweetmore is comprised of five current operating segments: Main Street Gourmet ('MSG'), Biscotti Brothers ('BB'), Meurer Brothers ('MB'), Sweet Eddie's ('SE') and Azteca Bakeries ('AB'). For more information, visit https://www.sweetmorebakeries.com/.
About Shore Capital Partners
Shore Capital, a Chicago-based private equity firm with offices in Nashville, is an investor in lower middle market companies in the Healthcare, Food and Beverage, Business Services, Industrial, and Real Estate industries. Shore's strategy is to support management partners to grow faster with less risk through access to capital, world-class board and operational resources, and unmatched networking, development, and shared learnings across the portfolio. From 2020-2024, Shore received recognition from Inc Magazine as a 5x Top Founder Friendly Investor and by Pitchbook Research for being the global leader in Private Equity total deal volume from 2015-2024. Shore targets investments in proven, successful private companies with superior management teams, stable cash flow, and significant potential to grow through industry consolidation and organic growth to generate value for shareholders. Shore has approximately $12.5 billion of assets under management and in additional investment platforms to which it provides business and operational consulting services. For more information on these awards and investment platforms, please visit: www.shorecp.com.
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