Peak Rock Capital has acquired Gold Coast Bakeries, a producer of specialty and organic breads, buns, rolls, and sweet goods headquartered in California, for an undisclosed amount.
A Peak Rock spokesperson told BakeryandSnacks the middle-market private equity firm has made four acquisitions in the food and beverage industry to date.
“We are actively seeking attractive food and consumer platforms to invest in, as well as accretive add-on acquisitions in the bakery space,” said Anthony DiSimone, CEO of Peak Rock Capital.
These include Sweet Harvest Foods (formerly Natural American Foods), a producer and distributor of honey and other related sweeteners; dairy-based food and beverage producer Berner Food & Beverage; Diamond Crystal Brands and mushroom producer Highline Produce.
Peak Rock Capital subsequently sold the latter in 2016.
New CEO
The transaction, which is 100% finalized, includes appointing Rick Anderson as the new CEO of Gold Coast.
He is replacing Dan Giraudo, who will continue to serve as a consultant to the company.
Anderson has extensive experience in food and consumer packaged goods, most recently as president and CEO of Little Lady Foods in Illinois. Previously, he was chief commercial officer at Aryzta and La Brea Bakery.
The Peak Rock spokesperson also confirmed all Gold Coast staff have been retained, and it is ‘business as usual’.
“Our customers and suppliers can expect to receive continued exceptional levels of service,” he said.
Further outlays
He added the bakery will be making further strategic investments in people, capabilities and equipment to expand operations and increase its product portfolio.
It is also looking for accretive add-on acquisitions.
The bakery, which was founded in 1989, has manufacturing facilities in Santa Anna, California and Addison, Illinois where it produces, packages, and distributes a range of branded and private label; fresh and frozen products in the US.
“Gold Coast will continue to produce out of its two USDA Organic-certified facilities, while also looking for opportunities to expand its geographic footprint to better serve its customers,” said Peak Rock’s spokesperson.