Rich’s announces two acquisitions and a joint venture
December 19, 2012 By Bakers Journal
Dec. 19, 2012, Buffalo, N.Y. – Rich Products Corporation has announced
three additions to its portfolio: acquiring two food companies
(Goglanian Bakeries Inc. and f’real foods LLC) and entering into a joint
venture (Twin Star Bakery, with business partner The Stolbun Group).
Dec. 19, 2012, Buffalo, N.Y. – Rich Products Corporation has announced three additions to its portfolio: acquiring two food companies (Goglanian Bakeries Inc. and f’real foods LLC) and entering into a joint venture (Twin Star Bakery, with business partner The Stolbun Group).
Acquisition of Goglanian Bakeries
The acquisition of family-owned Goglanian Bakeries will significantly expand Rich’s current pizza business and provide the company with a line of par-baked pizza crusts, flatbreads and pitas. Goglanian also possesses a significant manufacturing network with operations in Santa Ana, Calif., Fountain Inn, S.C. and Rochester, N.Y., along with a new state-of-the-art facility located outside of Chicago, Ill., which is expected to open in the first quarter of 2013.
Acquisition of f’real foods
The addition of f’real foods, based in Orinda, Calif, provides Rich’s with a new product line and greater penetration into the high-growth convenience store segment. Founded in 1995, f’real is a fast-growing company that sells milkshakes, smoothies and frozen coffee beverages, along with patented blending equipment, to more than 9,000 convenience store and foodservice locations across the United States and Canada. Based on f’real’s unique business model and current growth trajectory, the company will be managed as a separate subsidiary business.
Twin Star Bakery joint venture
Twin Star Bakery is a new joint venture partnership between Rich’s and The Stolbun Group. Twin Star recently opened a state-of-the-art desserts manufacturing operation near Houston, Texas, which produces fully finished cakes, and baked and iced cookies. The Stolbun Group will manage Twin Star’s research and development and production, while Rich’s will oversee product marketing and sales, primarily through its in-store bakery division.
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