Dawn Foods divests North American frozen bakery business
Rise – which specialises in supplying frozen cookies, dessert bars, artisan breads and flatbreads to the instore bakery segment and foodservice industry – is acquiring the business for an undisclosed amount.
“Rise prides itself on a culture of customer focus, teamwork and innovation,” said Mike Schultz, CEO of Rise.
“The Dawn frozen bakery division is a perfect fit for Rise as we look to bring additional products and innovation to the marketplace.”
The deal includes Dawn’s North America frozen plants in Pennsylvania, Georgia, Illinois and Missouri. Team members at those facilities, as well as the team members leading and supporting the business and associated customer relationships, will all transition to Rise.
The acquisition is Rise’s seventh since 2013, expanding its product offering to include cakes, muffins, croissants and cinnamon rolls across 11 facilities in the US and Canada.
Right move
The sale is also ‘the right move for Dawn,’ according to CEO Carrie Jones-Barber.
The Michigan-headquartered company – which celebrates its centenary this year – supplies more than 40,000 artisanal and retail bakers in more than 100 countries.
“As we prepare for the next 100 years, our ingredients business, which has been the foundation for Dawn’s growth, is at the centre of our long-term strategy,” said Jones-Barber.
“The sale of our frozen manufacturing business in North America enables to continue to leverage our insights to develop groundbreaking bakery ingredient innovations and invest in our ingredient plants and digital future.”
BMO Capital Markets Corp. acted as Dawn’s financial advisor. The sale is anticipated to close in the next two months.
