Bakery Industry M&A

Selling a Commercial Bakery Company

Morgan & Westfield specializes in business sales, mergers, acquisitions, and valuations for privately owned bakery-related businesses, whether local or nationwide. We’re a leading advisory firm in the food and beverage sector. Our specialty is lower middle-market companies producing between $1 million and $10 million in earnings before interest, taxes, depreciation, and amortization (EBITDA) and companies with annual revenues between $5 million and $100 million. 

Mergers and Acquisitions Advisors and Investment Bankers for Bakeries 

We can help you with the entire process of selling your business, no matter your niche – biscuits, frozen, vegan – you name it. Our process starts with a free consultation and no further obligation on your part. Then, if you would like us to handle your sale, we can work with you on the planning, finding buyers, negotiating, and so on. We advise on the entire process, whatever the challenges, guiding you through to the closing. 

Business Valuations for Commercial Bakery Companies 

No matter what stage you are in exploring your options for selling your business, you can benefit from an outsider’s professional assessment. We can help you work out the right time to sell under your circumstances, if you have a choice, and this can sometimes make a difference to the value your business will generate. Our detailed business analysis will help you focus on preparing to sell and taking the right steps at the right time.

Types of Businesses We Sell and Value

  • Bakery Products Manufacturers
  • Baking Ingredients Manufacturers 
  • Biscuit Manufacturers 
  • Bread Manufacturers 
  • Cake Manufacturers
  • Custom Cake Bakeries
  • Commercial Bakeries
  • Cookie Manufacturers
  • Crackers and Crisps Manufacturers
  • Dough and Flour Mixes Manufacturers
  • Doughnut Manufacturers
  • Flour Manufacturers
  • Frozen Bakery Manufacturers
  • Frozen Cakes, Pies, and Other Pastry Manufacturers
  • Gluten-Free Bakery Manufacturers
  • Online Bakeries
  • Pasta Manufacturers 
  • Pastry Manufacturers 
  • Retail Bakeries
  • Sourdough Manufacturers 
  • Specialty Bakeries
  • Tortilla Manufacturers 
  • Vegan Bakery Manufacturers
  • Wholesale Bakeries

Overview of the Bakery Industry

The bakery industry is important within the food and beverage sector. It encompasses the production, distribution, and sale of baked goods such as bread, pastries, cakes, cookies, and other confectionery. It operates in a competitive market and is experiencing steady growth due to changing consumer preferences, urbanization, and rising disposable incomes. 

Specialty and healthier bakery products, as well as locally sourced options, have gained popularity. Distribution channels vary, including retail bakeries, supermarkets, online platforms, and foodservice outlets. Bakeries can operate as stand-alone businesses, as part of a retail establishment, or as wholesale suppliers to cafés, restaurants, and other foodservice providers. They often hold a special place in communities, serving as gathering spots and sources of comfort through the joy of freshly baked treats. 

How We Got Here – A Brief History of the Bakery Industry

  • 1843 – Commercial Yeast Invented: The invention of commercial yeast by Louis Pasteur revolutionized breadmaking and led to the production of more consistent and reliable bread.
  • 1856 – First Packaged and Branded Bread Introduced: The first packaged and branded bread, “Uneeda Biscuit,” was introduced by the National Biscuit Company – later known as Nabisco – in the United States.
  • 1928 – Bread Industry Revolutionized: The invention of sliced bread by Otto Frederick Rohwedder in the United States revolutionized the bread industry.
  • 1948 – High-Speed Breadmaking Method Developed: The Chorleywood bread process, a high-speed breadmaking method, was developed in England, enabling the faster production of bread.
  • 1961 – First Bread Machine Introduced: The first automatic breadmaking machine for home use, the Sunbeam Mixmaster, was introduced in the United States.
  • 1990s – Artisanal and Specialty Bread Popularized: The popularity of artisanal bakeries and specialty bread grew as consumers sought unique and high-quality bakery products.
  • 2000 – Popularity of Cupcake Bakeries Rose: The popularity of cupcake bakeries began to rise, with specialty cupcake shops opening in various cities worldwide.
  • 2002 – Global Pastry Trend Sparked: Dominique Ansel in New York City created the “cronut,” a croissant doughnut hybrid, sparking a global pastry trend.
  • 2003 – Gluten-Free Bakery Started: The gluten-free bakery market started to gain traction as more consumers sought gluten-free options due to dietary restrictions or health concerns.
  • 2010 – Macarons’ Popularity Rose: The popularity of macarons surged worldwide, with dedicated macaron shops opening and the French treat gaining international recognition.
  • 2011 – Cake Boss Trended: The “cake boss” trend emerged with the premiere of the reality TV show Cake Boss, featuring renowned cake decorator Buddy Valastro and his bakery, Carlo’s Bakery.
  • 2012 – Cronuts Trended: The concept of “cronut mania” spread globally, with people lining up outside bakeries to get their hands on the trendy and limited-quantity cronuts.
  • 2014 – Doughnuts Renaissance Took Off: The “doughnut renaissance” took off with the rise of gourmet and artisanal doughnut shops offering creative flavors and toppings.
  • 2017 – Plant-Based Bakery Trend Grew: The plant-based bakery trend grew in popularity, with vegan bakeries and dairy-free alternatives becoming more widely available.
  • 2018 – Meal Kit Deliveries Introduced: The introduction of meal kit delivery services included baking kits, allowing customers to conveniently bake their own bread and pastries at home.
  • 2020 – Home Baking Surged: The COVID-19 pandemic led to a surge in home baking, as people spent more time at home and turned to baking to pass the time and find comfort.
  • 2021 – Citrus-Infused Baked Goods Surged: Citrus-infused baked goods surged in popularity as consumers sought innovative and adventurous flavor combinations.

Trends That May Affect M&A Activity in the Bakery Industry

  • Affordable Indulgence: Because the cost of living is rising globally, consumers are becoming increasingly careful about how they spend their money. Although luxuries are often the first to go, most baked goods are relatively affordable, suggesting that bakeries will thrive in the coming year. 
  • Enhanced Nutrition in Baked Goods: Healthier cakes and bread with high-fiber, high-protein, and high-fruit content are an industry trend driven by healthy eating and health awareness.
  • Health-Conscious Offerings: With the increasing awareness of dietary preferences and restrictions, bakeries started offering more options to cater to different needs, such as gluten-free, vegan, paleo, and keto-friendly baked goods.
  • Healthier Ingredient Substitutions: Bakeries have been exploring alternative ingredients to replace traditional ones, such as using natural sweeteners like honey, maple syrup, or coconut sugar instead of refined sugar. Incorporating whole grains and healthier fats like avocado or coconut oil has also gained attention.
  • Home Baking: Not only does home baking provide comfort during tough times, but it is perceived as being “less processed.” Brands are extending their product lines to home baking, offering pre-mix, decoration ingredients, and DIY bakery kits. This booming trend looks set to stay.
  • Longer Shelf Life and Frozen Bakery Products: People like to stock bread products at home to avoid disappointment when shopping and reduce trips to supermarkets. This trend gained strength during the COVID-19 pandemic and continues to this day. Frozen bake-at-home products such as bread and other baked goods are in demand.
  • Online Ordering and Delivery Services: The convenience of online ordering and delivery has become increasingly important for bakeries. Establishing an online presence, offering delivery options, and using technology to streamline the ordering process have been crucial for success.
  • Sugar Reduction: The production of bakery products with lower sugar claims has risen over the last few years, especially in Southeast Asia, where low and reduced sugar claims have become more popular. 
  • Sweet and Spicy Flavor Experiences: Innovation is becoming more prominent in the bakery industry, with consumers seeking more exciting food experiences. There is an increased interest in baked goods that combine sweet and spicy flavors, such as vinegar, kombucha, and spicy honey. Blending flavors and creating new tastes to satisfy this demand has become part of the bakery industry.
  • Plant-Based Diets: Consumers are increasingly moving toward plant-based and flexitarian diets. The flexitarian diet mainly focuses on plant-based foods but also allows animal products in moderation. For the bakery industry, catering to these types of diets means offering baked goods without eggs, butter, and cream that don’t compromise on taste.
  • Tiny Treats: It may sound counterintuitive, but smaller desserts can yield bigger profits. Miniature, bite-sized pastries, mini cakes, single-serve desserts, and treats have been gaining popularity due to their portion control and aesthetic appeal. These mini-sweets are often favored for events and special occasions.

Summary of Bakery Industry Acquisitions

Summary of Acquisitions
Target Industry (Industry > Niche)Target Target LocationBuyer Industry BuyerBuyer LocationDatePurchase Price
Bakery > Baked Goods and SnacksLeventis FoodsNigeriaPrivate EquityVectis CapitalAfricaJan 2019$12 Million
Bakery > Baked Goods, Desserts and Baking ProductsHayden BakeryUKPrepared FoodBakkavorUKSep 2018£12 Million ($15.5 Million)
Bakery > Cakes, Cupcakes, Cookies, ChocolatesL&M BakeriesUSAWholesale Bakery ProductsBake’n Joy FoodsUSAAug 2021Undisclosed
Bakery Products > Seasoning Blends, Frozen FoodRoskam BakingUSAPrivate EquityEntrepreneurial Equity PartnersUSAAug 2022Undisclosed
Food Solutions > Ready-to-Eat MealsAmeriQualUSABaked ProductsHarlan BakeriesUSAAug 2021Undisclosed
Prepackaged Food > High-Quality Frozen DessertsDessert HoldingsUSAPrivate EquityBain CapitalUSAMay 2021Undisclosed
Snacks > Potato ChipsBurts SnacksUKSnacks Developer, Producer, and MarketerEurope SnacksFranceFeb 2023Undisclosed
Snacks > Potato CrispsSeabrook CrispsUKHealthy Snacks ManufacturerCalbee UKUKOct 2018Undisclosed
Sweets > Cereal Based Products, Bakery, Confectionery, Dairy, Ice CreamSweet Ingredients Portfolio from KerryIrelandSnacks and IngredientsIRCAItalyMar 2023€500 Million Euro ($538 Million)

Vectis Capital Acquired Leventis Foods (Bakery Products)

  • Date: January 2019
  • Price: $12 Million
  • Target: Leventis Foods Ltd. – One of the largest bakeries in Nigeria, producing a highly nutritious variety of bakery products and snacks. 
  • Location: Lagos, Nigeria
  • Buyer: Vectis Capital – An Africa-focused private equity fund.
  • Purpose: Leventis Foods will use the investment to improve its manufacturing logistics infrastructure and distribution capacity. The company added that per capita bread consumption is just 10kg per year, a quarter of South Africa’s, in just a $2 billion market annually.
  • Details: Vectis Capital, an Africa-focused private equity fund, acquired a majority stake in leading Nigerian snacks and baked goods manufacturer Leventis Foods for $12 million.

Bakkavor Acquired Hayden Bakery (Baked Goods)

  • Date: September 2018 
  • Price: £12 Million ($15.5 Million)
  • Target: Hayden’s Bakeries Ltd. – Manufactures various bakery food products, including desserts, laminated yeast dough (thin layers of flaky pastry) products, and chilled and ambient baked cakes.
  • Location: Wiltshire, United Kingdom
  • Buyer: Bakkavor Group – A leading provider of freshly prepared food in the UK.
  • Purpose: Agust Gudmundsson, CEO of Bakkavor Group, said: “We are pleased to welcome Haydens to the Bakkavor Group. It is a business that shares Bakkavor’s passion for providing outstanding service, quality, and value to its customers and has a reputation for supplying some of the best-tasting sweet treats to the United Kingdom’s leading retailers. This acquisition will grow both our capacity and product offering in the desserts category, and we are delighted to be welcoming Haydens’ management and the wider team to our business.” 
  • Details: Bakkavor Group, the freshly prepared food manufacturer, has acquired Hayden’s Bakery from Real Good Food for £12 million. The deal was subject to an adjustment in net debt and working capital and was comprised of £9.6 million in cash and £2.4 million of existing finance leases. 

Bake’n Joy Foods Acquired L&M Bakery (Bakeries)

  • Date: August 2021
  • Price: Undisclosed 
  • Target: L&M Bakery – A provider of baked and sliced loaf cakes, fruit squares, and a variety of other products.
  • Location: Massachusetts, United States
  • Buyer: Bake’n Joy Foods, Inc. – Manufactures frozen muffin dough and batter, scoop batter, mixes and bases, fully baked loaf and coffee cakes, and streusel topping, a crumbly mixture of flour, sugar, and butter.
  • Purpose: “This acquisition brings another iconic New England bakery manufacturer to Bake’n Joy Foods and allows us to provide our customers with a wider variety of bakery solutions,” said Bob Ogan, president and CEO of Bake’n Joy.
  • Details: Bake’n Joy Foods acquired Haverhill, Massachusetts-based L&M Bakery, a producer of baked and sliced fruit squares, loaf cakes, and other baked goods for supermarkets and other retail outlets throughout the New England and Mid-Atlantic states. The transaction’s financial details were undisclosed.

Entrepreneurial Equity Partners Acquired Roskam Baking Co. (Bakery Products)

  • Date: August 2022
  • Price: Undisclosed 
  • Target: Roskam Baking Company – A food production company specializing in seasoning blends, bakery products, and frozen foods. 
  • Location: Michigan, USA
  • Buyer: Entrepreneurial Equity Partners – A private equity firm focused on the food and consumer packaged goods industries. 
  • Purpose: Keven Henneck, Vice President at Entrepreneurial Equity Partners, added, “We are excited to partner with the incumbent management team, who will play a critical role in helping to drive the next phase of growth at Roskam. This is the first acquisition of a Roskam business where we’ll be inheriting the entire team, which is exciting given their track record of growth. We have been very impressed with their work ethic and dedication and look forward to helping them build on their recent success.”
  • Details: Entrepreneurial Equity Partners, a Chicago-based private equity firm in the food and consumer packaged foods industries, acquired Roskam Baking Co. and merged it with Organic Milling, which it acquired in December 2021. The transaction’s financial terms were not disclosed. 

Harlan Bakeries Acquired AmeriQual (Ready-to-Eat Meals)

  • Date: August 2021
  • Price: Undisclosed 
  • Target: AmeriQual Foods – Provides innovative solutions to major branded food companies, retailers, food service providers, and the United States Department of Defense.
  • Location: Indiana, United States 
  • Buyer: Harlan Bakeries – A U.S. contract manufacturer of bread, pies and cakes.
  • Purpose: Harlan Bakeries president Hugh Harlan said, “I am excited for the opportunity to work with all of our employees to vertically integrate both businesses and to ensure continued growth and success for both companies.” 
  • Details: Family-owned Harlan Bakeries, based in Indiana, secured undisclosed equity financing from its asset manager, Turning Rock Partners of New York, while the company’s management and shareholders also contributed funds. 

Bain Capital Acquired Dessert Holdings (Frozen Desserts)

  • Date: May 2021
  • Price: Undisclosed 
  • Target: Dessert Holdings – A manufacturer of high-quality frozen desserts for retail and foodservice customers.
  • Location: Minnesota, United States
  • Buyer: Bain Capital – A private equity firm focusing on a value-added investment approach. 
  • Purpose: “We are focused on building the leading premium dessert company in North America by bringing innovative, chef-inspired dessert products to our retail and foodservice customers,” says Paul Lapadat, chief executive officer of Dessert Holdings. “Bain Capital Private Equity’s investment and business-building expertise is coming at just the right time in our evolution, and they share our vision and ambition to accelerate our growth as the innovation leader in premium, artisanal desserts. We want to thank Gryphon Investors for its support over the last five years and look forward to partnering with our new owners to expand our organization and support the next stage of growth.”
  • Details: Bain Capital Private Equity entered an agreement to acquire Dessert Holdings from Gryphon Investors. Dessert Holdings, a premium dessert company, offers products under The Original Cakerie, Lawler’s Desserts, and the Atlanta Cheesecake Co. The financial terms of the transaction were undisclosed.

Europe Snacks Acquired Burts Snacks (Potato Chips)

  • Date: February 2023
  • Price: Undisclosed 
  • Target: Burts Snacks Ltd. – The home of Burts hand-cooked, thick-cut British crisps and more, made with sustainably sourced potatoes in the heart of Devon. 
  • Location: Devon, United Kingdom
  • Buyer: Europe Snacks – Develops, produces, and markets more than 1,000 product references of savory snacks across six product ranges: extruded products, crisps, stacked crisps, crackers, popcorn, and corn-based snacks.
  • Purpose: The takeover allows the private equity-owned group, which also includes Kolak Snack Foods, to accelerate its growth in the UK snacking market.
  • Details: Premium snacks brand Burts was snapped up by French-owned-label manufacturer Europe Snacks for an undisclosed sum. Burts Snacks continues to operate from its two manufacturing facilities in Plymouth and Leicester, in the United Kingdom, with current managing director Dave McNulty retaining his position.

Calbee UK Acquired Seabrook Crisps (Potato Crisps)

  • Date: October 2018 
  • Price: Undisclosed 
  • Target: Seabrook Crisps Ltd – Offers a variety of potato crisps.
  • Location: Bradford, United Kingdom
  • Buyer: Calbee UK – A manufacturer of crisps and snacks.
  • Purpose: Calbee UK managing director Richard Robinson said: “This is an exciting development which will allow us to combine and further leverage the skills and brands of two ambitious players in the UK savoury snack market, building an even more dynamic, innovative and effective snack business going forward. Through the acquisition of the Seabrook brand in the main crisps category, Calbee aims to strengthen its business in the UK snack market, and further expand the Calbee Group business in Europe.”
  • Details: Japanese snack food manufacturer Calbee has made a deal to strengthen its position in Europe by acquiring 100% of the shares in UK-based Seabrook Crisps. The companies did not reveal the financial details of the acquisition. The deal was signed through the Japanese firm’s subsidiary Calbee UK (CUK), established in 2015.

IRCA Acquired the Sweet Ingredients Portfolio from Kerry (Cereal-Based Products)

  • Date: March 2023
  • Price: €500 Million ($538 Million)
  • Target: The Sweet Ingredients Portfolio from Kerry – A leading manufacturer with a wide range of technological capabilities that produces sweet and cereal-based products for the cereal, bakery, confectionery, ice cream, and dairy end markets in Europe and the United States.
  • Location: Kerry, Ireland
  • Buyer: IRCA – An international leader in chocolate, creams, and high-quality, semi-finished food ingredients that, for over 100 years, has been supplying professional channels worldwide.
  • Purpose: The combination of IRCA and Kerry’s Sweet Ingredients Portfolio creates a global leader in semi-finished food ingredients with around €1 billion in revenue. It further strengthens IRCA’s leadership positioning and expands its assortment of high-value-added ingredients.
  • Details: The sale closed in the first half of 2023 after relevant regulatory approval and routine closing adjustments. It consisted of a cash sum of €373 million plus a €125 million interest-bearing vendor loan note.

Public Companies

Aryzta AG (SWX: ARYN): ARYZTA AG is a food business based in Zurich with operations in Europe, Asia, Australia, and New Zealand. It is incorporated in Switzerland and listed on the SIX Swiss Exchange. It discontinued its listing on Euronext Dublin on March 1, 2021. The group is a major supplier in the specialty frozen bakery sector and is a global supplier of baked goods to the foodservice, retail, and quick-service restaurant sectors.

Finsbury Food Group PLC (LON: FIF): Finsbury Food Group Plc is a United Kingdom-based specialty bakery manufacturer of cake, bread, and morning goods for the retail and foodservice channels. The company’s segments include UK bakery and overseas. The UK bakery segment manufactures and sells bakery products to the UK grocery and food service sectors.

Flowers Foods (NYSE: FLO): Flowers Foods, Inc., headquartered in Thomasville, Georgia, is a producer and marketer of packed bakery food. The company operates 47 bakeries producing bread, buns, rolls, snack cakes, pastries, and tortillas. Flowers Foods’ products are sold regionally through a direct store delivery network that encompasses the East, South, Southwest, West, and Northwest regions of the United States and are delivered nationwide to retailers’ warehouses.

Greggs PLC (LON: GRG): Greggs PLC is a British bakery chain. It specializes in savory products such as bakes, sausage rolls, sandwiches, and sweet items, including doughnuts and vanilla slices. It is headquartered in Newcastle upon Tyne, England. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. Originally a high street chain, it has since entered the convenience and drive-through markets, achieved mainly through its partnership with EG Group.

Grupo Bimbo (BMV: BIMBO): Grupo Bimbo SAB de CV is a Mexico-based company engaged in the food processing sector. The company focuses on the manufacture, distribution, and sale of bread, muffins, bagels, cakes, cookies, tortillas, pita bread, pizza dough, tostadas, snacks, salads, and candies, among others. Its segments serve over 20 countries in Mexico, the United States, Canada, Central and South America, and Europe. It has approximately 100 brands, offering over 10,000 products under various brand names, such as Bimbo, Barcel, Sara Lee, Marinela, Arnold, Entenmann’s, Ricolino, Dempster’s, Thomas’ and Oroweat. It functions through Groupe Adghal.

Hostess Brands (NASDAQ: TWNK): An American-based bakery company formed in 2013, it owns several bakeries in the United States that produce snack cakes under the Hostess and Dolly Madison brand names. Its Canadian subsidiary, Voortman Cookies Limited, produces wafers and cookies under the Voortman brand name. It is headquartered in Lenexa, Kansas.

J.M. Smucker Company (NYSE: SJM): Also known as Smucker’s, this company is an American manufacturer of food and beverage products. Headquartered in Orrville, Ohio, the company was founded in 1897 as a maker of apple butter. J.M. Smucker currently has three major business units: consumer foods, pet foods, and coffee. Its flagship brand, Smucker’s, produces fruit preserves, peanut butter, syrups, frozen crustless sandwiches, and ice cream toppings.

Premier Foods PLC (LON: PFD): Premier Foods PLC is a British food manufacturer headquartered in St Albans, Hertfordshire. The group owns many well-known brands, including Mr Kipling, Ambrosia, Bird’s Custard, Angel Delight, Homepride, Lyons, Sharwood’s, Loyd Grossman, Oxo, Bisto, Batchelors, and Plantastic. It offers cooking sauces, flavors, seasonings, quick meals, snacks, soups, dessert items, and cakes.

Yamazaki Baking (TYO: 2212): The Yamazaki Baking Company, Ltd. is a Japanese food company and the world’s largest bread-baking corporation that produces bread, bakery, and confectionery products. Tojuro Iijima established the company in March 1948 and started mass-producing bread in 1955. Nobuhiro Iijima is the third generation of the family to lead the company.

Private Equity Firms

  • Arbor Investments: Arbor Investments is a private equity firm that specializes in the food and beverage industry. It has invested in bakery companies and has a specific focus on the middle market. Investments it has made in the industry include:

Crown Bakeries – A leading manufacturer of fresh and frozen breads, baked goods, and dough products for leading foodservice, food manufacturing, and retail customers.

Gold Standard Baking – Manufacturer and marketer of fresh and frozen premium baked goods for private label, bakery-deli, and foodservice customers, offering a variety of gourmet bakery items, including signature croissants and Danish pastries.

Mexican Accent – One of the largest manufacturers and distributors of quality tortillas, tortilla chips, salsa, and other Mexican food products.

  • Brynwood Partners: Brynwood Partners is a private equity firm that has made investments in the food and beverage sector, including bakery companies. It has acquired and successfully exited several baking companies throughout its history. Investments it has made in the industry include:

Hometown Food Company – A U.S. manufacturer and marketer of flour, dry baking mixes, baking ingredients, frozen pancakes, waffles, French toast, and ready-to-spread frosting under the Pillsbury, Funfetti, Hungry Jack, White Lily, Jim Dandy, Martha White, Arrowhead Mills, SunSpire, De Wafelbakkers, and Birch Benders brands.

Stella D’oro Biscuit Co., Inc. – Manufacturer and marketer of the Stella D’oro brand of cookies.

  • Roark Capital Group: Roark Capital Group is a private equity firm that focuses on consumer and restaurant investments in various bakery and foodservice companies, including those in the quick-service restaurant sector:

Auntie Anne’s – Auntie Anne’s menu includes hand-rolled soft pretzels, pretzel nuggets, beverages including its signature lemonade, and pretzel dogs.

Cinnabon – An American chain of bakeries known for its world-famous cinnamon rolls.

Dunkin’ Donuts – Famous for its high-quality coffee, espresso beverages, baked goods, and breakfast sandwiches.

Nothing Bundt Cakes – Nothing Bundt Cakes is a leading franchisor and operator of gourmet bakeries. The brand offers 8- and 10-inch bundt cakes, Bundtlets, and Bundtinis in multiple flavors that are hand-crafted and baked on-site.

Venture Capital Firms

  • BFG Partners: A venture capital firm that seeks partnerships with early-stage businesses across consumer product categories focusing on food and beverages, personal care, supplements, and pets. Investments the firm has made in the industry include:

BFG Partners: A venture capital firm that seeks partnerships with early-stage businesses across consumer product categories focusing on food and beverages, personal care, supplements, and pets. Investments the firm has made in the industry include:

  • District Ventures Capital: District Ventures Capital is a venture capital fund investing in innovative companies in the food and beverage and health and wellness sectors led by entrepreneurs, including managing partner Arlene Dickinson.

Flourish Pancakes – A whole foods company creating protein pancakes with non-GMO, all-natural ingredients.

Queen Street Bakery – A premium allergy-friendly bakery based in Toronto, Canada focusing on making bread free from gluten, nuts, and dairy, and full of the benefits of functional ingredients, like chia, grape skin, and beans.


Angel Investors

  • Ashley Hartman: This angel investor loves to start a meeting with first principles but makes sure it ends with a clear plan. She’ll ask tough, clarifying questions to address your challenges and help you find a solution. Hartman honed these skills while running and scaling her family’s business, her experience in financial consulting, and attending Harvard to receive her MBA. She was vegan before it was cool and is the health and wellness nut on the team, endlessly focused on optimizing daily habits for peak performance.

Base Culture – Base Culture is edible proof that food can be both nourishing and delicious and add simple joy to your day. They bake everything themselves from the best gluten-free, grain-free, simple ingredients. Their bread and baked goods will help bring your next sandwich, toast, or snack to the next level.

  • Joanne Wilson: Also known as the “Gotham Gal,” Joanne Wilson is an angel investor who supports women-led businesses. While her investments span various industries, she has shown great interest in the food and bakery sector. Wilson seeks innovative and unique bakery concepts and is passionate about supporting entrepreneurs. Some of her early investments included Food52, Rick’s Picks, DailyWorth, Hot Bread Kitchen, and Scoot.

Hot Bread Kitchen – Partners with a network of good food employers offering flexibility, training, and career and personal growth opportunities. They connect their food career program participants with quality jobs in the food industry, including roles as bakers, cooks, and kitchen managers.

  • Marshall Payne: An entrepreneur and angel investor in Dallas, United States, Marshall Payne has invested in companies such as Red Mango, Tiff’s Treats, Talan, East Hampton Sandwich Co, and SignStorey. He invests in bakery, food and beverage industries, delivery, hospitality, restaurants, consulting, information services, information technology, nutrition, digital media, news, and retail.

Tiff’s Treats – An operator of a line of bakery stores that produce classic baked-to-order cookies and brownies.


  • AIB International: This global food consulting firm offers specialized services to the bakery industry, assisting in food safety, quality assurance, product development, process optimization, and training. AIB International’s team of experts has extensive knowledge of bakery operations and can help businesses improve their processes, achieve regulatory compliance, and enhance product quality.
  • Crust and Crumbs Consulting: A bread, viennoiserie (breakfast pastry, typically made in Austrian style), and bakery consulting firm that brings years of expertise and modern thinking to an old-world industry. They have the ability to guide and help clients set up a bakery program of the highest quality or refine the one they already have. With their consulting, they ensure the hurdles you come across will be nothing more than an easy step to take.
  • CuliNex: A food product development and consulting firm, CuliNex specializes in the bakery industry. It offers recipe development, ingredient sourcing, labeling compliance, and process optimization services. CuliNex’s food scientists and culinary experts can help bakery businesses create unique and innovative products, streamline operations, and navigate regulatory requirements.

Law Firms/Attorneys

  • Davis Wright Tremaine LLP: This full-service law firm offers comprehensive legal support to clients in the food and beverage industry, including bakeries. The team assists bakery businesses with food labeling and advertising issues, regulatory compliance, intellectual property protection, employment matters, and commercial transactions.
  • Food Industry Counsel, LLC: This law firm is dedicated to serving the food and beverage industry, including bakeries. It provides legal representation and counsel on various matters, such as food safety regulations, labeling compliance, contract negotiations, intellectual property, employment law, and business transactions specific to the bakery industry.
  • Keller and Heckman LLP: Keller and Heckman is an international law firm that specializes in regulatory and compliance issues for the food and beverage industry. It has experience working with bakery businesses and can provide legal support in areas, including Food and Drug Administration and U.S. Department of Agriculture compliance, food labeling, advertising, food safety, and product recalls.
  • Stoel Rives LLP: A law firm with a dedicated food and beverage practice, Stoel Rives can provide legal guidance to bakery businesses. Its attorneys have experience in advising clients on food safety regulations, product labeling and claims, supply chain management, distribution agreements, and intellectual property matters specific to the bakery industry.

Bakery Industry Associations

  • American Association of Cereal Chemists (AACC): An association of scientists and food industry professionals advancing cereal grain science and product development applications through research, leadership, education, technical service, and advocacy.
  • American Bakers Association (ABA): Serves global wholesale baking companies, suppliers, and baking industry entrepreneurs.
  • American Institute of Baking (AIB): Provides food safety inspections, audits, certifications, food safety education, research, and technical services.
  • American Pie Council (APC): Committed to raising the awareness, enjoyment, and consumption of pies. American Society of Baking (ASB): Provides continuing education, networking opportunities, and professional development to baking industry professionals.
  • Bread Bakers Guild of America (BBGA): Promotes the exchange of baking and baking ingredient information between artisan bakers, suppliers, and specialists.
  • British Sandwich & Food to Go Association: Represents businesses in manufacturing, retailing, and supplying ingredients and equipment for the sandwich and food-to-go markets.
  • Cookie and Snack Bakers Association: Provides a hub for the industrial baking industry and a resource in which they can communicate, thrive, and grow.
  • Cornish Pasty Association (CPA): Administers the PGI designation to anyone who makes, buys, sells, or wants to learn more about authentic Cornish pasties.
  • Home Baking Association (HBA): A nonprofit organization based in the United States that promotes and supports home baking. HBA provides resources, educational materials, and support for home bakers, educators, and baking professionals. It offers a wide range of resources, including recipes, baking tips, instructional videos, and research-based information on baking techniques, ingredients, and nutrition. Independent Bakers Association (IBA): IBA supports market-oriented agricultural commodity programs and advocates for reducing the burden on manufacturers caused by excessive regulation.
  • International Dairy-Deli-Bakery Association (IDDBA): The IDDBA supports and promotes the dairy, deli, and bakery industries by offering a range of services to its members, including retailers, manufacturers, distributors, and brokers. National Pasta Association (NPA): A trade association for U.S. pasta manufacturers and related suppliers.
  • Retail Bakers of America (RBA): RBA helps bakers stay up to date on the latest trends and developments in the industry to help bakeries thrive in a competitive marketplace.
  • Tortilla Industry Association (TIA): A nonprofit trade association based in the United States that represents the tortilla manufacturing industry. The TIA aims to promote and advance the tortilla industry by providing support, education, and networking opportunities to its members. It offers various resources and programs to help tortilla manufacturers enhance their operations, improve product quality, and stay informed about industry trends and best practices.

Bakery Industry Publications

  • Bake Magazine: A digital resource for the retail baking industry offering news, features, and business advice for bakery owners and professionals.
  • Bakery & Snacks: This online platform provides news, articles, and market insights related to the bakery and snacks industry. It covers topics like product launches, industry trends, ingredients, and packaging.
  • Baking Business: This publication covers news, trends, and insights in the baking industry, including topics like product development, ingredient innovations, business strategies, and market analysis.
  • Snack Food & Wholesale Bakery: An online publication covering the bakery and snack food industries, providing news, features, and insights into market trends, product innovation, and industry events.
  • The Bakers Journal: A digital publication providing news, articles, and resources for bakery professionals, covering topics such as recipes, business strategies, and industry trends.


  • Podcasts
    • Boss Your Baking Business: This podcast focuses on helping baking business owners grow their business and income. It shares ideas to help you increase your revenue and keep loving what you do.
    • Fresh Perspective: A Food Podcast: This podcast focuses on the food and baking industry, recent trends, best practices, and looking into fresh perspectives in the baking world.
    • Knead to Know: Knead to Know gets to the bottom of baking trends, baking entertainment, and more. The host, Gina Brazão, a learning baker, pairs up with professional chef Gemma Stafford, podcaster and author of Bigger Bolder Baking, to ask the questions everyone wants to know regarding the world’s favorite pastime.

Industry Information

  • NAICS Codes
    • 3118 – Bakeries and Tortilla Manufacturing
    • 311811 – Retail Bakeries
    • 311813 – Frozen Cakes, Pies, and Other Pastries Manufacturing
    • 311821 – Cookie and Cracker Manufacturing
    • 311824 – Dry Pasta, Dough, and Flour Mixes Manufacturing from Purchased Flour
    • 311830 – Tortilla Manufacturing
    • 311230 – Breakfast Cereal Manufacturing
    • 445291 – Baked Goods Retailers
  • SIC Codes
    • 5461 – Retail Bakeries
    • 546199 – Retail Bakeries, Not Elsewhere Classified (NEC)
    • 54619901 – Bagels
    • 54619902 – Bread
    • 54619903 – Cakes
    • 54619904 – Cookies
    • 54619905 – Doughnuts
    • 54619906 – Pastries
    • 54619907 – Pies
    • 54619908 – Pretzels

Contact Us Today To Sell Your Bakery Business

Ready to explore selling your bakery business? When you choose Morgan & Westfield, our founder and president, Jacob Orosz, will oversee every element of your sale. Our understanding of the bakery industry and our network of potential buyers mean we’re able to guide you to a profitable sale. Contact us today to schedule a free, confidential consultation. You’ll get a tailored approach and the maximum value for your business.