Stonebridge Partners Completes the Recapitalization of Specialty Bakers

September, 2010

Stonebridge Partners (“Stonebridge”) is pleased to announce that it has recently completed the recapitalization of Specialty Bakers LLC (“Specialty Bakers” or the “Company”). John Piotrowski remains President and CEO and retains a significant ownership position. Specialty Bakers is the fourth equity investment made by Stonebridge Partners Equity Fund IV, L.P. 

Tracing its roots back to 1901, Specialty Bakers is the primary producer of ladyfingers in the United States as well as a leading provider of other high-quality branded, in-store bakery, and private label baked products. From two bakeries located in Marysville and Lititz, Pennsylvania, the Company manufactures and supplies a unique portfolio of specialty cakes and pies, including French Twirls™ (Crème Horns), Dessert Shells, Cake Rolls, Angel Food Cakes and a full complement of pre-baked frozen and unbaked frozen 4”, 8” and 10” pies. Its products are distributed primarily to retail supermarkets and food service distributors as well as co­packed for other manufacturers. 

Stonebridge’s Managing Partner, Michael S. Bruno, Jr., commented: “We are very pleased to have the opportunity to invest alongside such a high-quality executive as John Piotrowski and thrilled that a number of Specialty Bakers’ executives have become equity investors as a result of this transaction. Stonebridge will assist Specialty Bakers in achieving its vision of becoming the leading national provider of specialty cakes and pies to the in-store bakery grocery channel through the combination of continued organic growth as well as completing a number of complementary acquisitions.”

Debt financing for the transaction was provided by Fifth St. Finance Corp. of White Plains, NY, and Baltimore-based Parkway Capital Investors. Parkway Capital also completed an equity co-investment alongside Stonebridge, John Piotrowski, and several other members of management.

Stonebridge Partners has over 24 years of experience recapitalizing and supporting the growth objectives of middle market manufacturing companies. During this time, the Company has invested $550 million of equity in 52 acquisitions and is currently investing through Stonebridge Partners Equity Fund IV, L.P. which closed in July 2008. The Firm’s principal focus is value-added manufacturing companies, specifically in the packaging, infrastructure, building products, and specialty manufacturing industries. In addition to providing capital for growth, Stonebridge utilizes its Operating Partner business model to assist talented management teams in achieving their strategic goals and to generate significant growth in sales and profitability. 


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