Michigan Bread, a Taylor-based independent distributor of breads to southeast Michigan, has acquired Franklin Street Bakery in Minneapolis, announced Chris Jones, president of Sunbelt Business Advisors, which initiated, structured, and negotiated the deal. Terms of the deal were not announced.
“Franklin Street Bakery has a reputation for high-quality, better-for-you breads and rolls serving the restaurant and food service industry, following the same traditional baking processes as Michigan Bread,” says Spiros Assimacopoulos, president and CEO. “The alignment of baking philosophy, customer base, and core competencies presented an extraordinary opportunity for the two organizations to grow rapidly by capitalizing on existing shared resources.”
The combined organization will rebrand as The Good Bread Co., with Minnesota operations being overseen by Pat Siebnaler, who currently serves as Franklin’s director of operations. The previous owners of Franklin started operations in the kitchen of one of their restaurants and officially launched the business in 1994.
Approximately 125 people worked at the bakery before the sale, and all have been retained in the transaction. They will join the 175 employees of Michigan Bread, which has been in business since 1973.
“The integrated company will immediately benefit from increased capacity, production optimization, and a market expansion,” says Assimacopoulos. “The collective talent from both teams will accelerate our evolution to becoming a world-class organization. Both teams are growth-oriented and share a culture of hard work, accountability, and pride that is essential for any bakery to thrive.”