Newly formed investment platform, Bond Bakery Brands, has acquired two Canadian bakery companies, Portofino Bakery and Pace Processing and Product Development.
Headquartered in British Columbia, Portofino Bakery produces artisanal-style branded bakery products for retail and foodservice customers.
Matt Cimon, co-founder of Bond and president of Portofino Bakery, said: “I am looking forward to working closely with the Bond and Pace Processing teams to increase our production capabilities, build strong partnerships and continue expanding our distribution footprint beyond the BC borders.”
British Columbia-based peer, Pace Processing, is a food processor serving retail and foodservice customers in Canada and the US. The company’s capabilities span the baked food category, including pizzas, cakes and desserts.
“We are excited to partner with the team at Bond and join their bakery growth platform,” said Sean Darrah, president of Pace Processing.
“Bond will allow us to invest in expanding our production capabilities, focusing on investments in both automated equipment and human capital. Having a strong branded partner like Portofino Bakery opens up unique opportunities for us to accelerate our growth objectives.”
Also based in Canada, Bond aims to support the growth of bakery companies. Bond employs more than 550 people through its new portfolio companies Portofino and Pace, across seven facilities in Canada.
“We are excited to support and invest significantly to continue expanding Portofino Bakery and Pace Processing’s market presence on the Bond Bakery Brands platform,” said Cameron Loree, co-founder and EVP of investments and corporate development at Bond.
“With a leading branded and unbranded business, we are uniquely positioned to continue pursuing transformational acquisitions.”
Nicolas Mulroney, co-founder, president and CEO of Bond, added: “We are committed to accelerate the growth of these companies and amplify the impact they have on their communities.”
© FoodBev Media Ltd 2019