Graham Partners Expands Its Menu with Two Flavorful Add-ons
May 15th, 2024
PHILADELPHIA
Completes Acquisitions of Idan Foods and Imagine Baking
Graham Partners (“Graham”), a private investment firm targeting advanced manufacturing companies, is pleased to announce that two of its portfolio companies, Woodland Gourmet (“Woodland”), a provider of plant-based specialty ingredients, and Commercial Bakeries Corporation (“Commercial Bakeries”), a producer of private label packaged cookies with a focus on specialty / premium, better-for-you, and seasonal / limited time offering products, each completed an add-on acquisition this spring. These mark the first add-ons for Woodland and Commercial Bakeries since Graham acquired the businesses, and Graham views these add-ons as highly complementary — adding new products, additional manufacturing capabilities and capacity to each organization, among other synergies.
In April, Woodland Foods acquired Idan Foods (“Idan”) a founder-owned and operated provider of breadings and batters, baking mixes, and seasonings based in Hawthorne, NJ. Graham views Idan as an innovation-driven partner serving customers across the foodservice and industrial channels. With the acquisition of Idan, Woodland adds new product capabilities, customers, and end markets. Woodland believes there are ample opportunities to pair Idan’s breading and batter capabilities with Woodland’s experienced culinary team to drive innovation and enable the combined business to bring unique products to market. Graham believes that the Idan acquisition further positions Woodland as a critical, custom, culinary solutions partner to customers across the foodservice and industrial channels.
More recently, Commercial Bakeries acquired Imagine Baking, Inc. (“Imagine Baking”), a manufacturer of specialty / premium and better-for-you crackers, cookies, biscuits, and brittle. Graham’s original investment thesis for Commercial Bakeries was premised on continued growth in private label as retailers look for seasonal, innovative, and better-for-you products for their customers, and the Imagine Baking acquisition provides the opportunity for Commercial Bakeries to capitalize on trends in the adjacent cracker market. Imagine Baking is headquartered in Sandusky, Ohio where the company possesses a 114,100 square-foot facility that includes segregated manufacturing lines, multiple packaging capabilities, and a sizeable R&D lab, which Graham believes will unlock additional opportunities for Commercial Bakeries.
Andrew Snyder, Managing Principal at Graham Partners, said “We view Idan and Imagine Baking as highly complementary businesses to the Woodland and Commercial Bakeries platforms that will ultimately strengthen and scale their offerings. We look forward to leveraging Graham’s experience and operating resources to integrate the businesses and realize the potential of these combinations as innovative food products and flavor profiles continue to be in high demand.’’
Idan is a developer and manufacturer of breading, batters, coating systems, baking mixes, and seasonings. Idan serves as a key partner to high-growth foodservice operators, large established foodservice distributors, and innovative industrial customers through its high-quality customer service and its ability to develop customized solutions with unique flavors, textures, crunch, spice, and aesthetic.
Idan is a developer and manufacturer of breading, batters, coating systems, baking mixes, and seasonings. Idan serves as a key partner to high-growth foodservice operators, large established foodservice distributors, and innovative industrial customers through its high-quality customer service and its ability to develop customized solutions with unique flavors, textures, crunch, spice, and aesthetic.
FOR FURTHER INFORMATION CONTACT:
Andrew Snyder (asnyder@grahampartners.net)
Kedar Shirole (kshirole@grahampartners.net)
Christina Morin (cmorin@grahampartners.net)
Tel: (610) 408-0500
Legal Disclaimer This press release is for informational purposes and is not an offer to sell, or a solicitation of an offer to buy, securities in the United States or elsewhere. Graham Partners is not utilizing this release to provide investment or other advice, and no information disclosed therein is to be relied upon for the purpose of making investment decisions. Past performance does not guarantee future results and any transactions described are included as representative transactions and are not necessarily reflective of overall performance. It should not be assumed that any investment described herein was or will be profitable. There can be no assurance that historical trends will continue. Graham Partners' market characterization is based on subjective determinations that it believes reasonable but others may disagree with such characterization. There is no guarantee that Graham Partners' initiatives will drive value for its investments or accelerate growth or lead Graham Partners' investments to become profitable.