Combined Company, The Good Bread Company, Has Workforce of 300
MINNEAPOLIS – September 21, 2021 – Sunbelt Business Advisors President Chris Jones today announced that Sunbelt facilitated the sale of Franklin Street Bakery of Minneapolis to Taylor, Michigan-based Michigan Bread. Led by Mergers & Acquisitions Advisors Kirill Graminschi and Dan Mulvaney, the Sunbelt team initiated, structured, and negotiated the transaction. The deal closed on September 1.
The previous owners of Franklin Street Bakery started operations in the kitchen of one of their restaurants and officially launched the business in 1994. Approximately 125 people worked at Franklin Street Bakery before the sale, and all have been retained in the transaction. They join 175 employees of Michigan Bread, which has been in business since 1973. The combined organization will be rebranded as The Good Bread Company. Pat Siebenaler, who has been at Franklin Street Bakery since 2006 and currently serves as director of operations, will oversee the Minnesota facility.
“Franklin Street Bakery has a reputation for high-quality, better-for-you breads and rolls serving the restaurant and food service industry, following the same traditional baking processes as Michigan Bread,” said President & CEO Spiros Assimacopoulos. “The alignment of baking philosophy, customer base, and core competencies presented an extraordinary opportunity for the two organizations to grow rapidly by capitalizing on existing shared resources.”
“The integrated company will immediately benefit from increased capacity, production optimization, and a market expansion,” said Assimacopoulos.
“The collective talent from both teams will accelerate our evolution to becoming a world-class organization,” said Assimacopoulos. “Both teams are growth-oriented and share a culture of hard work, accountability, and pride that is essential for any bakery to thrive.”
ABOUT SUNBELT® – Sunbelt® is Minnesota’s largest seller of companies. Founded in 1978, Sunbelt now has 200 offices worldwide, helping people buy and sell businesses. The Sunbelt Business Advisors Minneapolis office is the largest office in the Sunbelt network with a staff of over 50 advisors, associates, analysts, and business development representatives. The firm provides services to business owners interested in selling their businesses, assistance with merger and acquisition activities, complimentary business value assessments, and advisement for business owners in understanding how to maximize their net proceeds when they exit. The firm provides business brokerage and Mergers & Acquisitions advisory services for companies with revenues from $500,000 to $100 million, as well as finance, exit planning, franchise sales, consulting, and business valuation services. More information is available at www.sunbeltmidwest.com.
