An affiliate of New Water Capital Partners, which has a record of taking companies to their next level, has acquired Klosterman Baking Company.
Klosterman, founded in 1892, is a bakery manufacturer that produces frozen and fresh breads, flatbreads, buns, organic breads, doughnuts, and artisan breads for an extensive national base of foodservice, institutional, and retail customers. Currently, Klosterman Baking Company operates 17 bakeries and distribution facilities across eight Midwest states.
Chip Klosterman said as a family, they had decided it was in their best interest and the interest of the company that a new company take the lead of the business. He also said the proven record of success of New Water in building on the strengths of partner companies to reach the next level of success and growth was vital to them in their selection process, and it makes them the preferred partner to continue the legacy of their family.
The long-term growth strategy of New Water for Klosterman includes enhancements and updates to increase production and efficiencies. The PE company mainly focuses on providing support to lower and middle-market companies in transition, building on their strengths and culture.
Anuj Singh, principal of New Water, said over the course of four generations, the Klosterman Baking Company has built a great business that has a reputation for putting its employees and customers first. He added that they were pleased to be able to partner with Klosterman Baking Company to continue building upon that legacy and culture.
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