Surge Private Equity Closes Investment in Global Bakeries, Inc.
DALLAS--(BUSINESS WIRE)--Dec 3, 2018--On 11/27/2018, Dallas-based Surge Private Equity (“Surge”) closed an investment into Global Bakeries, Inc. (“Global Bakeries” or the “Company”) with The Firmament Group (“Firmament”), a leading provider of tailored debt and equity capital solutions to small- and medium-sized enterprises (SMEs).
Founded in 1977 by Albert Boyajian, Global Bakeries is a specialty baked goods manufacturer headquartered in Pacoima, CA. The Company specializes in non-GMO bread products such as pita bread, pita chips, bagels, organic flatbread, and croissants for grocery stores such as Trader Joe’s, bakeries and restaurants.
Surge closed the transaction with a $15,000,000 financing facility from Firmament and a portion of equity financing as part of the purchase of the Company. Albert Boyajian will retain equity and serve on the board of directors alongside Surge partners Tom Beauchamp and Lewis Sharp as well as Firmament Vice President Lauren Steel.
Tom Beauchamp, Partner at Surge Private Equity, said, “With 11-year weighted average customer tenure and dozens of different high-quality innovative and branded products, we see huge potential in Global Bakeries. We are eager to assist in taking Global Bakeries to the next level by continuing to expand our offerings into organic and gluten-free.”
Lauren Steel, Vice President at Firmament, added, “We are proud to serve as a financing partner for a long-standing leader in the baked goods market, with a reputation for high quality and taste that has been cultivated over the past four decades. The Company is industry-renowned for its exceptional pita bread, bagels, and croissants, and we look forward to expanding Global Bakeries’ reach while maintaining all of the ingredients that have successfully set the business apart from its peers.”
About Surge Private Equity
SURGE Private Equity ( https://www.SurgePE.com/ ) is a Dallas-based private equity firm that seeks majority investments in growing businesses with $2-5MM of EBITDA. Together with its lending partners, Surge provides entrepreneurs with liquidity and investors with higher yields and greater accessibility through lower investment minimums. Surge primarily invests in companies where the seller will remain on board in an ongoing capacity.
About The Firmament Group
Established in 2012, The Firmament Group ( www.thefirmamentgroup.com ), formerly known as McLarty Capital Partners, is a value-added partner to entrepreneurs, management teams and business owners and provides solutions by deploying versatile capital in a user-friendly way. Firmament seeks both senior and junior debt capital opportunities including unitranche, second lien and mezzanine debt, and also provides equity capital structured as either preferred or common equity. Firmament is focused on turning small business into big business.
View source version on businesswire.com:https://www.businesswire.com/news/home/20181203005957/en/
CONTACT: Tom Beauchamp
KEYWORD: UNITED STATES NORTH AMERICA TEXAS
INDUSTRY KEYWORD: PROFESSIONAL SERVICES FINANCE RETAIL FOOD/BEVERAGE
SOURCE: Surge Private Equity
Copyright Business Wire 2018.
PUB: 12/03/2018 04:10 PM/DISC: 12/03/2018 04:10 PM