y firm Arbor Investments has recapitalised British Columbia-based PBF Pita Bread Factory, marking its first transaction in the Canadian market.The terms of the deal were not disclosed.
Established in 1984, PBF supplies a wide range of gourmet bakery items, including pita bread, tortillas, bagels, naan, cookies and pies under PBF Signature, Bakestone Brothers, and 24th Ave. brands or private labels.
The company caters to bakery-deli, foodservice and private label customers in Canada and the US.
Arbor vice president Alan Weed said that PBF exemplifies the type of high-quality food manufacturer that Arbor seeks for its portfolio.
"PBF has thrived under the ownership of the Hayek family, and we are thrilled to be acquiring the business as it enters its next stage of growth," Weed added.
PBF president Fady Hayek said that Arbor's knowledge and expertise in the baking segment made it a very attractive partner for the business.
"They will be a valuable resource on many levels and will allow us to maintain our historically strong trajectory of growth and profitability," Hayek added.
Arbor president Joseph Campolo said, "We look forward to building on the company's excellent reputation as we add new customers and product capabilities."
"We will also be looking to grow the business through complementary acquisitions both in Canada and the United States," he added.
In support of the transaction, KPMG provided advisory services to PBF Pita Bread Factory, while Blake, Cassels & Graydon and DLA Piper served as Arbor's legal counsel.
Headquartered in Chicago, Illinois, Arbor Investments focuses primarily on acquiring premier companies in the food and beverage (F&B) industry, and it has to date acquired or invested in more than 32 F&B companies in North America.
