NEW YORK — Pamplona Capital Management has completed its acquisition of BakeMark from CSM Bakery Solutions. Financial terms of the transaction, which was first announced in mid-July, were not disclosed.
Marianne Kirkegaard, president and chief executive officer of CSM, said the sale of BakeMark is a key move in its decision to focus its core business in Europe and North America.
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| Marianne Kirkegaard, president and c.e.o. of CSM Bakery Solutions |
“Completing the sale of BakeMark allows us to strengthen our core business in Europe and North America by focusing more on our portfolio of bakery products and ingredients,” Ms. Kirkegaard said. “Under Pamplona, BakeMark can further enhance its position as the industry’s supply and distribution market leader in North America.”
Based in Pico Rivera, Calif., BakeMark provides distribution services through a network of 25 distribution centers and 3 manufacturing facilities across the United States and Canada. BakeMark offers a diversified line of products, ingredients and supplies to the food industry under brands that include Westco, Trigal Dorado and BakeSense. CSM recently separated its BakeMark operations from the core business and began operating it as a stand-alone entity with Jim Parker, the leader of BakeMark, becoming its president and c.e.o.
The BakeMark investment was made through Pamplona’s fifth private equity fund, Pamplona Capital Partners V, L.P., a $3.4 billion investment vehicle raised in 2017. Barclays served as Pamplona’s financial adviser. Established in 2005, Pamplona provides an alternative investment platform across private equity, fund of hedge funds and single-manager hedge fund investments. Pamplona manages $15 billion in assets across a number of funds for a variety of clients, including public pension funds, international wealth managers, multinational corporations, family offices and funds of hedge funds.
