Klosterman Baking Company has been sold to an affiliate of New Water Capital
Klosterman Baking Company
Klosterman Baking Company is a leading producer of fresh and frozen breads, buns, flatbreads, organic breads, artisan breads, donuts and other bakery products serving an extensive, well-established national customer base of restaurants and other foodservice operators, grocery retailers, convenience stores and institutional customers. Headquartered in Cincinnati, with 17 bakeries and distribution facilities across eight Midwest states, Klosterman has established a reputation with customers as a partner of choice in the industry over its 130-year history on account of its flexible production, innovation, rigorous food safety procedures and unmatched customer service. For more information, please visit www.klostermanbakery.com.
The Klosterman family founded Klosterman over 130 years ago and have since built the business into a leading Midwest bakery platform with a national presence. The company engaged Lincoln International to find a partner that could support Klosterman with its next phase of growth. Lincoln crafted a tailored process, including both strategic and financial investors. Klosterman ultimately chose to partner with New Water Capital, which has strong operational capabilities and a deep bench of resources in the bakery space.
Klosterman will leverage these industry resources, in addition to New Water’s operational expertise and commercial knowledge to accelerate growth post-acquisition. Ross Anderson, President of Klosterman, said, “The Lincoln team worked hand-in-hand with us from start to finish and took the time to really understand our business and showcase what makes Klosterman special. I am excited to partner with the New Water team as we execute on our plans for growth.”
Aaron Goldstein, Managing Director in Lincoln’s Consumer Group, commented, “Klosterman is a leading Midwest bakery platform that attracted investor interest for several reasons, including its flexible production capabilities; reputation for quality and service; longstanding and growing relationships with marquee customers; and strong financial profile. Klosterman’s more than 15 years of uninterrupted sales growth are a testament to the family’s stewardship and the talented management team they assembled. We are honored to have advised Klosterman on this transaction with New Water, and we look forward to following the company’s continued future growth.”
New Water is a private equity firm focused on lower middle market companies in the consumer products and industrial manufacturing and services sectors with revenues of $30 million to $300 million. New Water’s collaborative transaction and operating model is built specifically to support companies in transition, building on their unique cultures and strengths. For more information, please visit www.newwatercap.com.
I am grateful we chose Lincoln to guide us through the process of selling our family business. The Lincoln team has a strong understanding of the bakery sector, which was evident in how they thoughtfully conveyed our story. Throughout the sale process, Lincoln was deeply engaged and provided valuable advice, which led to a great outcome. I am pleased to have New Water as the company’s partner for its next phase of growth and expansion.
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