CHICAGO — 37 Baking Holdings, LLC, a consortium of North American family offices, has agreed to acquire Gold Standard Baking, LLC, North America’s largest maker of croissants and a leading manufacturer of dough-based sweet baked goods. According to the companies, 37 Baking is partnering in the acquisition with the Gold Standard management team, which includes Haq Chaudary, who will continue to lead the business as president and chief executive officer.
Financial terms of the transaction were not disclosed.
Gold Standard filed for Chapter 11 on June 22 in Delaware and has sought customary relief from the court to ensure its operations proceed as usual. Gold Standard said it has sought approval to consummate the sale to 37 Baking promptly, subject to any higher and better offers that may be submitted through the court supervised process, but in the meantime will continue to satisfy customer orders, pay vendors and employ its employees.
“To navigate the changing economic climate, we have developed a plan that will unburden Gold Standard’s business of excessive debt and sell its assets to a new owner who will build on and continue our longstanding success in the baked goods industry,” Mr. Chaudary said. “We look forward to executing on this negotiated strategy swiftly and efficiently and continuing our business in its next chapter.”
According to its June 22 Chapter 11 filing, Gold Standard has estimated assets of between $100 million and $500 million and estimated liabilities of between $100 million and $500 million. The company said it has between 1,000 and 5,000 creditors.
Houlihan Lokey is serving as investment banker, Riveron as financial adviser and Klehr Harrison Harvey Branzburg LLP as legal adviser to Gold Standard. Bernstein Shur is serving as legal adviser to 37 Baking.
Earlier this year Gold Standardsold itsPleasant Prairie, Wis., manufacturing facility to Crown Bakeries. The 200,000-square-foot baking plant, which opened in 2017, produces and distributes laminated dough croissant products.