TAMPA, Fla. — Hyde Park Capital announced that its client, St. Armands Baking Company (“St. Armands”), a Florida commercial bakery offering local delivery, fresh and frozen availability, custom baking, and co-packing, has been acquired by Engelman’s Baking Co. (“Engelman’s”), a leading wholesale bakery offering a complete line of fresh and frozen bread products. Engelman’s is a portfolio company of Shoreline Equity Partners, LLC. Hyde Park Capital served as the exclusive investment banker to St. Armands for this transaction. Shutts & Bowen served as legal counsel to St. Armands.
Bernard Vroom, Owner of St. Armands, commented, “We are thrilled to partner with Engelman’s. Both companies have similar backstories and share the same high standards. Strategically, we will be able to expand our footprint in the Southeast and beyond. Since 1981, our employees, customers, and suppliers have transformed St. Armands from a mom-and-pop bakery into the company it is today, serving thousands of customers with quality organic and specialty breads. For all of this, I am very grateful.” Mr. Vroom added, “It has been a pleasure to work with the Hyde Park team. Their industry expertise, guidance, and perseverance were essential in the process of separating the wheat from the chaff, landing the best outcome for me, my employees, and my company. Many thanks to all at Hyde Park for making this happen.”
Rob Hathy, CEO of Engelman’s Bakery, said, “We are very excited to partner with the St. Armands team. Bringing together the exceptional talent and culture that both companies share will allow us to have a broader product portfolio and better serve our customers.”
Paul Bell, President and CFO of Engelman’s Bakery, added, “Bernard and the St. Armands team have done a terrific job building the business over the years. This partnership strengthens our national footprint and creates significant commercial opportunities for both businesses.”
Luke Horanski, Vice President of Hyde Park Capital, said “It has been a privilege to work with, and advise the St. Armands team throughout this process. The combination of deep, long-lasting customer relationships, and quality baking capabilities of St. Armands and Engelman’s were a natural fit, and we could not be more excited for the partnership.”
About St. Armands Baking Co.
Headquartered in Bradenton, Florida, St. Armands Baking Company began as a small retail cake and pastry shop in the West Central, Florida district known as St. Armands Key. Shortly after the Vroom family purchased the bakery in 1981, they began to focus on producing high-quality breads and rolls, while transforming the business into a wholesale operation, filling the demand for fresh and frozen bakery products. For more information, please visit https://www.starbake.com/about/history.
About Engelman’s Baking Co.
Founded in 1982 and headquartered in Norcross, GA, Engelman’s is a wholesale bakery offering a complete line of fresh and frozen bread products to food service and retail customers across the country. For more information, please visit www.engelmansbakery.com.
About Shoreline Equity Partners, LLC
Shoreline is a lower-middle market private equity firm focused on actively partnering with leading management teams. Shoreline follows a total stakeholder model, meaning success should be a “win-win” proposition for shareholders, employees, customers, vendors, and the communities within which the Firm’s companies operate. With over $750 million of committed capital under management, Shoreline seeks to lead equity investments of up to $150 million per transaction in support of buyouts, recapitalizations, and corporate divestitures. Targeted businesses have enterprise values ranging from $50 million to $350 million and EBITDA of $5 million to $25 million. For more information, please visit www.shorelineequitypartners.com.
About Hyde Park Capital
Hyde Park Capital is an institutionally focused boutique investment banking firm specializing in mergers and acquisitions and focusing on serving the corporate finance needs of successful founder and family-owned companies. Hyde Park’s principals have extensive investment banking experience managing merger and acquisition engagements, including executing sell-side and buy-side sales of company assignments, recapitalizations, financial advisory services, fairness opinions, and raising growth capital and acquisition financing for companies, including equity, mezzanine, and senior debt. Hyde Park Capital has extensive experience across numerous industry sectors, including industrial, technology, healthcare, business, and financial services. Hyde Park Capital is headquartered in Tampa, Florida, and is a member of FINRA and SIPC. Hyde Park Capital is also a member of the Geneva Capital Group (GCG) International M&A Alliance (see www.gcg.com). For additional information, please visit www.hydeparkcapital.com.
