CINCINNATI — New Drinking water Money Companions LP, a Boca Raton, Fla.-based mostly personal equity company targeted on decrease-center industry organizations, has acquired Klosterman Baking Co., successful July 8. The Cincinnati-based baker of fresh new and frozen baked meals experienced been owned and operated by the Klosterman relatives considering that it was started in 1892.
Klosterman operates 17 bakeries and distribution facilities throughout 8 Midwest states. The organization generates refreshing and frozen bread, buns, flatbread, organic and natural bread, artisan bread, donuts and other baked products and solutions serving an extensive, perfectly-established countrywide purchaser base of places to eat and other foodservice operators, grocery vendors, ease retailers and institutional functions.
The enterprise explained the acquisition came after the Klosterman spouse and children made the final decision jointly to step absent from the business.
“As a relatives, we made a decision it was in our most effective fascination and the fascination of the enterprise that a new group take the direct of the small business,” reported Chip Klosterman on behalf of the Klosterman spouse and children. “New Water’s tested document of achievement in developing on the strengths of associate organizations to access the following stage of progress and accomplishment was crucial to us in our range approach and will make them the preferred spouse to proceed our family’s legacy.”
In accordance to Klosterman, the acquisition by New Water will posture the business for ongoing results and prolonged-time period expansion potential as a result of investing in updates and enhancements to maximize generation and efficiencies via its amenities in many years to arrive.
“Through this strategic partnership with New H2o, Klosterman will be ready to better systemize operations, embrace channels and place our organization for further more advancement,” claimed Ross Anderson, president of Klosterman Baking.
“Over the program of 4 generations, the Klosterman family members has crafted a extraordinary business enterprise that has a track record for placing consumers and employees initially,” mentioned Anuj Singh, principal of New Drinking water. “We are grateful to be able to husband or wife with the firm to continue on making on that lifestyle and legacy.
“With the ever-escalating desire for consumer usefulness, the growth of the speedy-meals and swift-provide cafe sector, and the new inflation-driven appetite for household-served foods, Klosterman is effectively-positioned to withstand and profit from a fluctuating economic and buyer surroundings.”
Mr. Anderson extra, “The money investment and administration working experience in the foodservice sector New Drinking water brings will give us the instruments we have to have to scale to meet up with current purchaser desire.”
In addition to Klosterman Baking, New Water’s portfolio involves frozen foodstuff companies The Fantastic Chunk Co. and Pegasus Foods. New H2o previously held new food items supplier Custom Made Foods, which it obtained in 2017 and offered in May 2021.