Cincinnati-based Klosterman Baking Company has been acquired by a private equity firm for an undisclosed amount. The sale was finalized July 8.
"As a family, we decided it was in our best interest and the interest of the company that a new organization take the lead of the business," said Chip Klosterman in a statement on behalf of the Klosterman family.
The Klosterman family founded the bakery in 1892. It grew into one of the largest privately-owned bakeries in the Midwest, while remaining headquartered in Bond Hill. Bakery products are distributed in more than 8,000 restaurants, grocery stores, hospitals and schools in Ohio, Kentucky, Indiana, Northern Tennessee, and Western Pennsylvania, the company reports. Frozen bakery items can be found across the country.
The company was purchased by an affiliate of New Water Capital Partners L.P.
"Through this strategic partnership with New Water, Klosterman will be able to better systemize operations, enhance distribution channels and position our company for further growth," writes Klosterman President Ross Anderson.
The release states the bakery will remain headquartered and operated in Greater Cincinnati, suggesting the acquisition will better position it to increase production in the future. The company operates 17 bakeries and distribution facilities across eight Midwest states.
"Through our partnership, Klosterman will look to expand its product portfolio and geographic distribution footprint to better serve its growing customer base through a combination of organic and inorganic growth levers," writes New Water Vice President Nick LaRosa.
