Keystone Acquires Granny's Kitchens
Published in CSP Daily News
Joins Freed's to expand specialty baked goods portfolio
FRANKFORT, N.Y. -- Keystone Capital Inc., through its investment in Keystone Bakery Holdings LLC, has acquired Granny's Kitchens Ltd. Granny's Kitchens will become part of the expanding portfolio of specialty bakery businesses in Keystone Bakery Holdings which already includes Freed's Bakery LLC.
Current Freed's president, Kevin McDonough, will assume responsibility for the two businesses. The acquisition will allow both companies to benefit from expanded sales channel reach and operational synergies.
Following the addition of [image-nocss] Granny's, Keystone Bakery Holdings will employ more than 300 associates and generate approximately $75 million in sales.
Located in Frankfort, N.Y., Granny's Kitchens was founded in 1981 by current president and CEO Alan Rosenblum. The company is a full-line suppliers of donut products serving the in-store bakery, retail, foodservice and convenience store markets.
Alan and his employees have built a terrific company with quality products and a world-class facility, said McDonough. We have a unique opportunity to capitalize on the growth and reputation of both companies by expanding the broad portfolio of products we can provide our customers.
Joseph and Bessie Freed founded Freed's Bakery in 1921 as a retail bakery for the city of Manchester, N.H. In 1975, the Streeter family acquired Freed's and developed the production facilities and sales channel necessary to serve the ISB market. Keystone Bakery Holdings acquired Freed's in 2001 and today the company is a major provider of thaw-and-serve cupcakes, servicing more than 40 of the top 50 grocery chains in the United States.
Formed in 1994, Keystone Capital is a private investment firm with a mission to acquire and build a portfolio of midsized businesses in niche markets. Keystone differentiates itself by entering into true operating partnerships with the professional management team of the companies it acquires, with Keystone Capital playing a significant supporting role helping each of them to grow their respective businesses, the company said.