Lancaster Colony subsidiary T. Marzetti Co. has acquired all of the assets of Bantam Bagels, a producer and marketer of frozen mini stuffed bagels and mini stuffed pancakes sold to both the retail and foodservice channels. The transaction closed on Oct. 19, and was funded internally with cash on hand at a base purchase price of $34 million. Bantam Bagels reports annual net sales of approximately $20 million.
Bantam Bagels was founded in New York City in 2013 by husband and wife team Nick and Elyse Oleksak. The pair will continue to lead the business post-closing, joining the team at Lancaster Colony, which manufactures and markets specialty food products for the retail and foodservice channels. Bantam Bagels are currently available at Starbucks cafes nationwide, and Lancaster Colony is planning further expansion of the brand.
According to Lancaster Colony, Bantam's mini stuffed bagels, pancakes, and Egg Bites will add disruptive innovation to the company's core portfolio of frozen bread products and complement its New York Bakery and Sister Schubert's brands.
Related: Bantam Bagels Goes Nationwide With Starbucks; Trend Watch: Summer Fancy Food Show Trends.
from Specialty Food News https://ift.tt/2yWM29O
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