Chicago-based Shore Capital Partners has completed a recapitalization of Main Street Gourmet, a wholesale bakery based in Akron, Ohio.
Founded in 1987 by Steve Marks and Harvey Nelson, Main Street Gourmet is a custom wholesale bakery providing frozen baked goods, including muffins, cookies, granola, brownies and bars, and other sweet goods to retail in-store bakery and specialty foodservice customers across the U.S. MSG operates out of an SQF-certified 68,000-square-foot manufacturing facility with approximately 160 employees and has been an important part of the Akron community for more than 30 years.
Shore Capital is partnering with Marks and Nelson, the full MSG management team and the previous majority shareholders, Clover Capital Partners, who helped guide the company through a period of tremendous growth since partnering with the business in 2011.
“We are proud of the custom and solutions-oriented bakery model we have built and scaled as a team and are excited to continue to serve our customers with a diverse range of high quality and differentiated products through a new phase of transformational growth,” said Nelson, MSG’s CEO, in a statement.
“Our partnership with Shore Capital will allow us to accelerate our organic growth through expanding on our product capabilities, serving additional retail ISB and specialty foodservice customers and broadening our footprint by pursuing acquisitions with other differentiated bakeries in adjacent categories and channels.”
Shore plans to invest in the business development, sales & marketing, and production infrastructure to further enhance operations and explore opportunities for inorganic growth through acquisitions and organic growth through adjacent product lines, customers and distribution channels.
Marks added: “I have high aspirations for what we can collectively accomplish alongside Shore Capital and are excited to partner with a group that understands our value proposition as a custom, value-added supply chain partner. We continue to strive to be highly responsive with product development, able to commercialize new ideas in collaboration with our customers, and maintain flexibility to work with unique ingredients and processes.”
Marks, who formerly served alongside Nelson as co-CEO and will serve on the board of directors under the partnership with Shore Capital.
“We could not be more excited to partner with the entire MSG team and look forward to creating a leading multi-regional bakery platform in the U.S. with a diverse range of high quality products, manufacturing capabilities and commitment to superior customer service,” said Richard Boos, partner at Shore Capital and chairman of MSG, in a statement.
“Harvey, Steve and Clover Capital have built an excellent business model focused on custom and solutions-driven products for its ISB and foodservice customers and we will work hard to collaborate with them to build on their success.”