Michel’s Bakery was founded in 1898 and has been owned by the Liss family for generations. Upon completion of the deal, Michel’s will continue to operate out of its facility in Philadelphia, with Jon Liss remaining at its helm as general manager.
“I’ve personally known Jon for decades and have great respect for Michel’s as a leading baker of specialty products for more than a century,” said Yianny Caparos, president of Crown Bakeries.
“It’s exciting to partner with businesses who share Crown’s mission and promise to treat customers like royalty, with innovation and high-quality products as a core part of their DNA.
“The addition of Michel’s associates and its portfolio of sweet baked products further reinforces our goal to be crowned the best custom baked goods supplier and employer in the industry.”
One-stop-shop baker
Liss echoed Caparos enthusiasm, confirming the pair share the same customer-first philosophy and commitment to bake products to the highest quality standard.
“We’re truly excited to join forces and be a part of the Crown family providing a robust, full service, one-stop-shop baker to our customers,” added Liss.
According to Chris Tuffin, 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’s ownership, Crown has 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 laminated and sweet goods plant in Smyrna, Georgia and completed a 45,000-square-foot expansion of its Nashville, Tennessee plant with a new ultra-high speed line producing thaw-and-serve croissants.
“We’re excited to rapidly grow the Crown platform through organic investment in new equipment and facilities and highly accretive acquisitions like Michel’s,” said Tuffin.
Terms of the transaction were not disclosed. Winston & Strawn served as Arbor’s legal counsel.