Awrey’s Bakery

Situation

Founded in 1910 and family-owned until 2005, Awrey’s Bakery (“Awrey’s” or the “Company”), based in Livonia, MI, is one of the largest privately-held bakeries in the U.S.

The Company sells premium bakery products, including non-branded frozen baked goods for the restaurant and hospitality industries
Awrey’s 130 product lines include pastries, muffins, donuts, croissants and biscuits.

Solution

Based on its experience in the food sector, Amherst was retained to conduct a highly competitive, multi-phased sale process.

Amherst approached over 250 prospective buyers worldwide (many of which were identified by Amherst’s IMAP partners), including both strategic and financial acquirers.

Results

Working closely with shareholders, management and other key stakeholders, Amherst secured a definitive purchase agreement from a consortium of two highly regarded private equity groups.

As a result of industry dynamics present at the time of the transaction and the Amherst transaction process, the value of the transaction that was ultimately negotiated represented a 60% premium over the average of the valuations that were proposed by strategic buyers.