Bantam Bagels has been acquired by Lancaster Colony Corporation subsidiary T. Marzetti Company. The producer and marketer of frozen mini stuffed bagels and mini stuffed pancakes sold all its assets in an acquisition valued at $34 million that closed October 19, 2018.
“We are extremely excited to add Bantam Bagels to our specialty foods business. Bantam Bagels is a fast-emerging company that provides us with an entry into the large and growing frozen breakfast category,” said Dave Ciesinski, Lancaster Colony’s CEO, in a press release. “Their established relationship with Starbucks in the foodservice channel is another positive that positions Bantam Bagels for future expansion. We are thrilled to welcome Nick, Elyse, and Bantam Bagels to our family of Lancaster Colony companies and look forward to a successful future together.”
In that press release, the company noted that, in addition to the base purchase price of $34 million, subject to post-closing adjustments, the transaction also includes contingent consideration in the form of an additional earn-out payment that is tied to the future financial performance of the business.
Bantam’s mini stuffed bagels, pancakes and Egg Bites are expected to add disruptive innovation to Lancaster Colony’s core portfolio of frozen bread products. The company noted that the Bantam brand would provide a strong complement to the authenticity and quality of Lancaster Colony’s well-established New York Bakery® and Sister Schubert’s® brands.
For more details, read Lancaster Colony’s press release in its entirety here.
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