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New York Ag News Headlines |
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CSM Bakery Solutions Sells BakeMark Business
New York Ag Connection - 08/17/2017
CSM Bakery Solutions, a global leader in bakery ingredients, products and services, announced it has completed the sale of its BakeMark business to Pamplona Capital Management.
The sale of BakeMark, which was announced mid-July, is an important element in CSM's decision to focus on their core business in Europe and North America, according to CSM's President and CEO Marianne Kirkegaard.
"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," she said. "Under Pamplona, BakeMark can further enhance its position as the
industry's supply and distribution market leader in North America."
The final terms of the deal, which was facilitated by Harris Williams & Co., an M&A advisory firm, were not disclosed. Sullivan & Cromwell LLP provided legal counsel to CSM.
The BakeMark investment was made from Pamplona's fifth private equity fund, Pamplona Capital Partners V, L.P., a $3.2 billion investment vehicle raised in 2017. Barclays served as Pamplona's financial advisor. Pamplona received legal advice from Goodwin
Procter LLP. Committed debt financing for the transaction was provided by the Senior Direct Lending Program, a joint venture between Ares Capital Corporation and Varagon Capital Partners, and Northwestern Mutual Capital.
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