Evanston Partners Acquires Rain Creek Baking from Kronos Foods
Press Release (ePRNews.com) - EVANSTON, Ill. - Apr 12, 2017 - Madera, CA: Evanston Partners LLC and management have acquired the assets of the Rain Creek Baking Company division of Kronos Foods Corp. Rain Creek Baking Company is North America’s leading producer of baklava and a major producer of other handcrafted fillo dough-based products including spanakopita, tyropita and fillo dough sold under the Sinbad brand as well as under private label to the retail, club and foodservice channels.
The Rain Creek Baking management team, including Michael Bizik, Jennifer Seeley and Donna Hardin will remain with and become co-owners of the new holding company, Rain Creek Baking Company, LLC and its wholly owned-operating company subsidiary Sinbad Foods, LLC. William V. Glastris, Jr., Managing Member of Evanston Partners LLC and a former Chairman of Kronos Foods, Inc. will serve as Chairman. Evanston Partners Principal Jeffrey D. Ellis will serve as Vice President of Finance of the new company.
Founded as Sinbad Sweets in the Clovis, CA, the company was twice named to the INC 500 List of fastest growing private businesses in the US and received numerous awards including from the US Senate for work with immigrant populations and as the EEOC’s San Joaquin Valley Employer of the Year. The company was later sold to a family member of the founder and acquired by Kronos Foods in 2006. In 2008, the company moved into its current location in Madera, CA, a 158,000 square foot SQF Level 2 certified facility.
“We are thrilled to be working again with the terrific team at Rain Creek Baking Company” said William V. Glastris, Jr. of Evanston Partners, LLC. “There are exciting opportunities for growth in new products for both our excellent existing customers and for new customers seeking innovative fillo-based products for their customers and members.”
About Evanston Partners, LLC
Evanston Partners LLC is a private equity investment firm which partners with management teams to recapitalize, acquire and build small growth companies. The firm seeks to work with partners who demonstrate passion, integrity and strong work ethic and to build already profitable companies with a long-term focus on value creation. While we have exceptional investing experience in a number of specific consumer and commercial industries, we are opportunistic in our approach and pursue investments in a wide range of industries. Our specific areas of investment expertise include food and food related manufacturing and distribution, packaging and niche consumer products and services. We are differentiated from other investors by our willingness to pursue truly small companies that may not be attractive opportunities to other lower-middle market private equity investors. Ideal opportunities have historical revenue of $5 million to $20 million, are profitable, growing and seeking a long term growth partner to accelerate that growth. For more information about Evanston Partners please visit www.evanstonpartners.com
About Kronos Foods, Inc.
Kronos, based in Glendale Heights, IL, is a market leader in the Mediterranean foodservice market selling gyro meat, pita, flatbread, hummus and sauces in the U.S. and Canada. Since 1975, Kronos has led the industry in innovation starting with the successful development and marketing of the first pre-formed gyro cones. With a philosophy anchored in unparalleled quality and consistency, Kronos successfully expanded beyond gyro cones into a diversified Mediterranean food manufacturer. For more information about Kronos please visit www.kronosfoodscorp.comSource : Evanston Partners, LLC