Image courtesy of BakeMark
The announcement comes a little more than three months after CSM announced its intent to sell the BakeMark business.
Marianne Kirkegaard, president and chief executive officer of CSM Bakery, says the decision to sell the BakeMark business fits into the company’s strategy of focusing on its core business in Europe and North America.
“We have always had great appreciation for the value of the BakeMark business, but this sale will help us support our goal of further strengthening our core business in Europe and North America by focusing on our value-added bakery products and ingredients portfolio,” Ms. Kirkegaard says. “Under Pamplona’s ownership, BakeMark can further strengthen its strong position and reputation as the industry’s supply and distribution market leader in North America.”
Based in Pico Rivera, Calif., BakeMark provides distribution services through a network of 25 distribution centers and 3 manufacturing facilities across the United States and Canada. BakeMark offers a diversified line of products, ingredients, and supplies to the food industry under brands that include Westco, Trigal Dorado, and BakeSense. CSM recently separated its BakeMark operations from the core business and began operating it as a stand-alone entity with Jim Parker, the leader of BakeMark, becoming its president and CEO.
Image courtesy of BakeMark
William Pruellage, a partner at Pamplona, says he believes BakeMark is well positioned to succeed as a stand-alone entity and capitalize on new growth opportunities.
“We look forward to supporting Jim Parker, the president and CEO of BakeMark, and the rest of the company’s exceptional management team to build on its long history of providing trusted and valuable service to the food industry,” Mr. Pruellage says.
Mr. Parker adds, “We are excited to be partnering with Pamplona for the next stage of BakeMark’s growth. As an independent company with the support of Pamplona, BakeMark is ideally positioned to continue providing customers with quality products and full-service distribution capabilities.”
Pamplona said it is making the investment in BakeMark through its fifth private equity fund, Pamplona Capital Partners V, L.P., a $3.4 billion investment vehicle raised in 2017. Barclays is serving as Pamplona’s financial adviser. Established in 2005, Pamplona provides an alternative investment platform across private equity, fund of hedge funds, and single-manager hedge fund investments. Pamplona manages $15 billion in assets across a number of funds for a variety of clients, including public pension funds, international wealth managers, multinational corporations, family offices, and funds of hedge funds.