Monomoy: buys Atkins in partnership With Hilco

New York / NY. (mcp) Monomoy Capital Partners L.P., a New York private equity fund that makes controlling investments in middle market companies, announced that it has acquired the assets and operations of Atkins Elegant Desserts Inc. in partnership with Hilco Equity Management LLC. Atkins will work closely with Awrey Bakeries LLC, a Livonia, Michigan based bakery currently owned by Monomoy and Hilco, to provide high-quality baked goods to the food service, restaurant and retail markets. Terms of the transaction were not disclosed.

Atkins, located in Noblesville, Indiana, is a niche manufacturer of cheesecakes, layer cakes and brownies for the food service industry, national restaurant chains and large retail customers. The company´s specialized production capabilities allow Atkins to provide high- end dessert solutions at reasonable prices. Common ownership of the Atkins and Awrey bakeries will expand the reach of the Atkins product line into Awrey´s United States´ sales and distribution channel and will enable Awrey to expand its offerings into cheesecakes and other premium dessert items.

«We are thrilled to expand the Awrey product line and customer base through this partnership with Atkins», said Bob Wallace, the Chief Executive Officer of Awrey. «Atkins produces an industry-leading cheesecake for the food service and in-store bakery markets, and the addition of the Atkins product line will allow Awrey to continue growing its presence in both markets despite the continuing economic recession. I cannot think of a more complimentary partnership opportunity for both businesses».

Awrey has captured significant new business opportunities over the past six months in a food service market facing declining sales, including a new brownie program with a global bakery café chain. With the Atkins transaction, Awrey is one of the largest privately-owned commercial bakeries in North America and an active participant in consolidating the baked goods industry in this challenging economic environment.

The Atkins transaction marks the eighth strategic acquisition that Monomoy has completed over the past eight months, continuing its strategy of pursuing accretive add-on acquisitions around the strength of its existing portfolio businesses. In February, Monomoy acquired the aluminum operations of Citation Corporation for Compass Automotive Group LLC, the Monomoy auto parts platform and the Mexican operations of Moll Industries Inc. for Fortis Plastics LLC, Monomoy´s growing plastic platform. In April, Monomoy also acquired Global Thermoplastics Inc. for Fortis.

«We continue to pursue acquisitions that will strengthen our portfolio companies in their respective markets and consolidate troubled industries», said Daniel Collin, a Monomoy Partner. «This is a great time to leverage the underlying strength of our portfolio companies and create meaningful value for our investors through strategic consolidation».

About Monomoy Capital Partners L.P.

Monomoy Capital Partners L.P. is a 280 million USD private equity fund that makes controlling investments in middle market companies. The Fund has completed 24 transactions in just over three years in the smaller end of the middle market and currently owns ten business that collectively employ more than 8’000 people. Monomoy implements customized business improvement programs in all its portfolio companies that reduce operating expenses, increase profitability and encourage meaningful growth.

About Hilco Equity Management LLC

Hilco Equity Management LLC is a private investment firm established in 2002 to capitalize on the investment experience, asset valuation expertise, and the wide reaching network of business relationships resident in The Hilco Organization. Hilco Equity sponsors leveraged acquisitions and growth equity investments in middle market companies in partnership with experienced management teams. Hilco Equity provides the financial and operational support necessary to facilitate a transition to a more appropriately capitalized, more profitable and strategically competitive enterprise. In the past four years, Hilco Equity has completed five acquisitions in the food industry, a focus area for the firm. The Fund has a strategic relationship with The Hilco Organization, an internationally recognized provider of asset appraisals, enterprise valuation services, asset acquisition and disposition services, and specialized asset-related financing.

About Awrey Bakeries LLC

With the Atkins transaction, Awrey Bakeries LLC is one of the largest privately-owned commercial bakeries in North America and is an active participant in consolidating the baked goods industry. Founded in 1910, Awrey produces and markets high quality finished frozen baked goods including Danish, Muffins, Croissants, Cakes, Biscuits and Brownies. Awrey specializes in developing customized solutions for large foodservice and bakery chains and foodservice distributors. Awrey is headquartered at its 215’000 square foot facility in Livonia, Michigan (U.S.) and has 330 employees.

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