Keystone Bakery Holdings LLC (KBH) was acquired by Maplehurst Bakeries LLC, a subsidiary of George Weston Limited, for $185 million.
KBH is a leading national supplier of frozen baked products to the in-store bakery and foodservice industries and was originally purchased by Keystone and KBH management in early 2001. Since, Keystone has acquired Freed’s Bakery, Inc., a supplier of frozen, thaw and sell cupcakes to the in-store bakery channel, and Granny’s Kitchens, Ltd., a supplier of both frozen pre-fried and frozen, thaw and sell donuts, and Heartland Baking, a manufacturer of frozen, thaw and sell cookies.
“The Keystone Bakeries exit is a real testament to the long-term, patient capital strategy of Keystone Capital. We partnered with exceptional managers and together executed on a highly focused, disciplined acquisition and organic growth strategy,” said Scott Gwilliam, Managing Director, Keystone Capital, Inc. “We are particularly pleased to be transitioning the Keystone Bakeries business to Maplehurst. We wish our managers, employees and the George Weston organization continued success in the future.”