Flowers Foods agreed to acquire Canyon Bakehouse, a privately held, gluten-free baking company based in Johnstown, Colo., for approximately $205 million. The acquisition is subject to regulatory approval and customary closing conditions, and is expected to be completed in the fourth quarter of 2018.
Flowers Foods plans to leverage its distribution network and retail partnerships to drive growth of the Canyon Bakehouse brand. Canyon Bakehouse offers a line of 21 gluten-free breads, buns, bagels, English muffins, and specialty items. The vast majority of its sales, nearly 90 percent, are distributed frozen through natural, specialty, grocery, and mass retailers around the country, with the remainder sold fresh. The company anticipates 2019 sales of approximately $70 million to $80 million.
The company was founded in 2009 by Josh and Christi Skow and Ed Miknevicius in 2009, after Christi was diagnosed with celiac disease. The company now employs 206 people and operates in a recently constructed 165,625-square-foot bakery with two production lines in Johnstown. Josh will continue to lead the business as president and Christi will serve as brand ambassador following the transaction.
Related: One Third of 'Gluten-Free' Dishes May Contain Gluten; Gluten-Free Grain Gains Foothold in US.
from Industry Operations https://ift.tt/2PfXCaS
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