| GLENCOE CAPITAL PURCHASES ACE BAKERY
Chicago firm furthers strategy to invest in food companies
(April 15, 2008) Glencoe Capital LLC today announced the firm's purchase of Toronto, Ontario-based specialty bread-maker ACE Bakery, Ltd.
Founded in 1993, ACE Bakery develops and markets a range of premium artisan breads under its own brand, relying on strict, traditional recipes and fresh, all-natural ingredients of the highest quality. The company's products include par-baked and fresh breads.
"ACE Bakery is a brand widely recognized in the Toronto market and has a developed, loyal customer base," said David Evans, Chairman of Chicago-based Glencoe Capital. "ACE is an attractive investment opportunity in the growing artisan bread space, with terrific products and a great opportunity to build market share in U.S. markets."
Driven by strong product demand, wider distribution, and introduction of new products in existing lines, ACE has seen net sales increase at a compound annual growth rate of over 30 percent between 1997 and 2007.
Philip Shaw, who joined ACE Bakery in 2006 after growing La Brea Bakery from a storefront in Los Angeles to a $90+ million bi-coastal business, will remain as CEO of the company. "With Glencoe Capital's investment and its operational expertise in the food industry, we look forward to growing in our core market and gaining further penetration in the U.S.," said Shaw.
Glencoe Capital has long focused in the food and food service sectors, according to Jason Duzan, a principal at Glencoe Capital. The firm has a dedicated Executive Network team that focuses exclusively on these industries.
Founded in 1993 and based in Chicago, Glencoe Capital focuses on leveraged buyouts of middle-market businesses valued between $30 million and $150 million. The firm's proprietary Executive Network is a group of successful Fortune 1000 business executives, entrepreneurs and other business leaders who source investment opportunities and provide operational and strategic expertise to portfolio companies. Glencoe Capital invests throughout the U.S. and Canada.
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