Three Canadian investment professionals have decided to set up an investment platform or fund that will be dedicated to the bakery industry, and have announced acquisition of two bakery companies, one serving retail and institutional customers the other serving largely institutional buyers.
Bond Bakery Brands was founded by Matthew Cimon, Cameroon Loree and Nicolas Mulroney, all MBA graduates of University of Toronto - Rotman School of Management, all starting off their careers in investment.
According to Bond's press release, Bond is focused on bringing together growing bakery companies. The company is dedicated to the greater good through food and will prioritize developing a bond with all stakeholders including "our employees, our customers, our shareholders, the environment along with all the communities we serve", adding that Bond is an investment platform that will accelerate the growth of bakery companies and be impact-leaders in our communities.
Bond announced on 6 October its inaugural platform investments in the two leading Canadian-based bakery companies, Portofino Bakery Ltd.("Portofino Bakery") and Pace Processing and Product Development Ltd.("Pace Processing").
Portofino Bakery, headquartered in Victoria, BC, provides artisanal-style branded bakery products to retail and food service customers. Pace Processing, headquartered in Surrey, BC, is younger for 18 years of history, specializes ready-to-eat and fresh-baked foods in Canada and the United States.
Under Bond, both companies will share resources seeking synergy, with Portofino Bakery set to expand faster beyond the BC market while Pace Processing to add on automated machinery and human capital.
Seen in another perspective, it is in fact Portofino Bakery acquiring Pace Processing as Nicolas Mulroney, Co-Founder, President & CEO of Bond, which started off in this month only, once served as Chairman of Portofino Bakery during June 2019 and October 2020.
Bond is advised by their legal advisors at Wildeboer Dellelce LLP and financial advisors at PricewaterhouseCoopers LLP in Canada and INFOR Financial for their transaction support.
Duff & Phelps Canada Limited acted as financial advisor and Stikeman Elliott LLP acted as legal advisor to the selling shareholders of Pace Processing.
"We are excited to partner with the team at Bond and join their bakery growth platform," said Sean Darrah, President of Pace Processing. "Bond will allow us to invest in expanding our production capabilities, focusing on investments in both automated equipment and human capital. Having a strong branded partner like Portofino Bakery opens up unique opportunities for us to accelerate our growth objectives."
Bond Brands is on the lookout for the next investment targets.
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