It’s a Perfect Batch for Graham’s Latest Investment

September 27th, 2023


Acquires Commercial Bakeries, Private Label Cookie Manufacturer


Graham Partners, a private investment firm targeting advanced manufacturing companies, is pleased to announce the acquisition of Commercial Bakeries Corporation (“Commercial Bakeries”). Headquartered in Toronto, Canada, Commercial Bakeries was founded as a family-owned and operated producer of private label packaged cookies with a focus on specialty / premium, better-for-you, and seasonal / limited time offering (“LTO”) products. Commercial Bakeries primarily serves the retail and co-manufacturing channels, partnering with many retail grocery chains and brands in North America.

Commercial Bakeries was founded with the goal to meet consumer demand for differentiated cookie offerings with distinct flavor profiles and Graham believes the company stands to benefit from several macro tailwinds moving forward. Graham believes these potential growth drivers include the consumer shift to private label from national brands; continued consumer focus on better-for-you and allergen-free products; and increased demand for seasonal / LTO products. In Graham’s view, these trends have the potential to drive sustainable long-term growth in the category. Graham views Commercial Bakeries as an innovator and a champion of the private label concept, which the company has worked to achieve over the course of its history. Based on Graham’s research, private label cookies continue to demonstrate growth momentum and are still under-penetrated across the retail channel.

Graham believes the private label category has strong potential for accelerated growth and incremental share capture from the national brands. In Graham’s view, the company differentiates itself within the private label space through its flexible manufacturing operation, strong R&D capabilities, proprietary formulations, and long-tenured customer relationships.

Graham Partners has a long history of partnering with family-owned and operated businesses, including many within the food manufacturing space, and believes it can leverage this deep experience in its partnership with Commercial Bakeries. Andrew Snyder, Managing Principal at Graham Partners, said, “After identifying the company through our Investment Theme Program, Graham had the opportunity to build a relationship with the former family owners and watch Commercial Bakeries develop over a two-year period of time. What ultimately attracted Graham to the company was its flexible manufacturing capabilities and track record of innovation. We are excited to have the opportunity to leverage our experience and industry resources as we seek to further accelerate the growth of the business.”


About Commercial Bakeries

Headquartered in Toronto, Canada, Commercial Bakeries is a producer of private label packaged cookies with a focus on specialty / premium, better-for-you, and seasonal / LTO products for retail grocery chains and brands in North America. Graham believes that Commercial Bakeries’ flexible manufacturing operation allows the company to produce a wide array of different types of cookies and win meaningful business in LTO and seasonal SKUs, where retailers are rapidly introducing new products.



Andrew Snyder (

Christina Morin (

Tel: (610) 408-0500


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. The “Investment Theme Program” or “ITP” is a thematic niche research program by which the firm conducts rigorous, top-down research on distinct market niches in order to identify sector conversions that have the potential to yield investment opportunities. 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 or that Graham’s Investment Theme Program will source profitable investments. 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 Commercial Bakeries or accelerate growth or lead Graham Partners' investment to become profitable.