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MICHIGAN OPPORTUNITIES FUND INVESTS IN FLATOUT
Glencoe Joins North Castle to purchase majority stake in branded flatbread maker
(February 12, 2010) Glencoe Capital's Michigan Opportunities Fund has invested alongside North Castle Partners to acquire a majority position in Saline, Mich.-based Flatout, Inc., a branded producer and marketer of flatbread and related products, announced David S. Evans, Glencoe's Chairman and CEO.
Flatout, founded in 1995 by Stacey and Mike Marsh, manufactures and markets a variety of regular and light flavored flatbreads that provide a healthy alternative to traditional breads, and have various uses as sandwich wraps, hamburger rolls, hors d'oeuvres, flatbread pizza and quesadillas. Flatout serves a diverse base of retail customers, including supermarkets, mass merchandisers and club stores.
"We are extremely pleased to be making this investment in Flatout," said Jason Duzan, managing director of Glencoe Capital. "Flatout enjoys high brand recognition among weight-conscious and health-minded consumers, and the Flatout brand has tremendous value and appeal to consumers and retailers."
"From its production and marketing base in Saline, Michigan, Flatout offers an excellent platform for future growth throughout Michigan, the Midwest and the northeastern US," said Duzan. "Its powerful brand, retailer relationships, strong sales-driven management team and production capability can all be leveraged to significantly grow the company."
Glencoe Capital's investment in Flatout is the fourth by its Michigan Opportunities Fund. Stacey and Mike Marsh will hold a significant ownership position in the newly recapitalized company, and will remain as Flatout's joint operators. Financial terms of the transaction were not disclosed.
Glencoe is an experienced investor in branded food companies, including in the specialty breads sector. The firm currently owns Toronto-based Ace Bakery, a specialty bread maker that develops and markets a range of premium artisan breads under its own brand; and previous portfolio companies include Specialty Foods Group, a leading producer of premium meat products.
For more information, contact:
or
Clovis, Inc.
(312) 346-1700
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