Chicago / IL. (37b) 37th Street Bakery completed the acquisition of the assets and rebranding of Gold Standard Baking LLC, North America’s largest manufacturer of croissants and a leading producer of dough-based, sweet baked goods (see bakenet:eu on 2022-06-27 …). The new company name represents a homage to its legacy bakery facility on 37th Street, off Kedzie Avenue on Chicago’s southwest side, where it grew over its nearly 40-year history from a small specialty bakery to among the largest in the country.
«Today marks a historic day in our journey,» noted Haq Chaudary, who continues his role as President and CEO. «We are excited to complete the sale to a new ownership group that is committed to supporting our growth over the long term. We enter this new chapter with a strong balance sheet, a committed and highly competent team, and a tradition of producing delicious baked goods. We are grateful for our customers and vendor partners who have supported us through this process, but most importantly, we appreciate the commitment of our 300 plus valued and loyal team members.»
Chaudary added, «While we have a new name, we are grounded in a deep passion to produce the most delicious, buttery rich, flaky, golden croissants, sweet fruit filled danish, and aromatic cinnamon rolls.»
«We are thrilled to complete the acquisition,» added Tricor Pacific Capital and 13th Floor Capital, two meaningful investors in the acquiring entity. «Haq Chaudary leads a capable and well-aligned team and the company operates in a growing product category, in which we have meaningful experience. As long-horizon, family office investors, we are excited to support 37th Street Bakery in its next chapter of growth.»
About the Acquiror
37th Street Bakery (37 Baking Holdings LLC …) was formed by a consortium of North American family offices to acquire the assets of Gold Standard Baking. Other meaningful investors include management, led by CEO Haq Chaudary who will continue to lead the business going forward. The owners of 37th Street Bakery have deep value creation experience in a variety of industries, including food and real estate, with a long-term outlook on growing sustainable businesses.