Michel’s Bakery was founded in 1898 and has been in the Liss family for generations. Once the deal is complete, Michel’s will continue to operate out of its Philadelphia facility, with Jon Liss continuing as general manager.
“I have known Jon personally for decades and have great respect for Michel as a leader in the manufacture of specialty products for over a century. »said Yianny Caparos, president of Crown Bakeries.
“It’s exciting to partner with companies that share Crown’s mission and promise to treat customers like royalty, with innovation and high-quality products at the heart of their DNA.
“The addition of Michel’s associates and his portfolio of sweet baked goods further strengthens our goal of being crowned the best supplier and employer of custom baked goods in the industry.
Liss echoed Caparos’ enthusiasm, confirming that the pair share the same customer-focused ethos and commitment to baking products to the highest quality standards.
“We are truly excited to join forces and become part of the Crown family in providing our customers with a robust, full-service, one-stop bakery,”Lis added.
According to Chris Tuffin, a partner at Arbor Investments, a private equity firm that owns Crown Bakeries, the acquisition is in line with the company’s growth strategy.
Under Arbor ownership, Crown made significant investments to grow the business both organically and through acquisitions. In 2020, Crown completed the strategic acquisitions of Steck Wholesale Foods in North Sioux City, South Dakota, purchased a rolled and sweet products plant in Smyrna, Georgia, and completed the 45,000 square foot expansion of its plant in Nashville, Tennessee, with a new ultra-high-speed line producing thaw-and-serve croissants.
“We are excited to rapidly grow the Crown platform through organic investments in new equipment and facilities and highly accretive acquisitions like Michel’s,” said Tufin.
Terms of the transaction were not disclosed. Winston & Strawn acted as legal counsel to Arbor.