Azalea Capital has acquired The Muffin Mam, a branded and private label maker of baked goods.
Muffin Mam’s products include crème cakes, muffins, pound cakes, brownies, and angel food cakes that are sold across the US and internationally through retail grocers and food service companies. Muffin Mam is headquartered near Greenville in Simpsonville, SC. The company was originally founded in 1990 by Stephanie Croley as a small café in Greenville and expanded into a wholesale bakery in 1992 (www.muffinmam.com).
Since April 2014, after the death of Ms. Croley, The Muffin Mam has been run by her three daughters and General Manager Greg Marshall. With the closing of this transaction, Dewey Armstrong, a 30-year food industry veteran, has joined Muffin Mam as its new CEO, and Mr. Marshall has been promoted to Executive Vice President.
Mr. Armstrong joins Muffin Mam after leading Spice Chain as its CEO from July 2016 to July 2018. Spice Chain, a portfolio company of Frontenac, is an importer, processor, packager and supplier of ingredients to the foodservice, private label retail and food manufacturing industries. Before Spice Chain, he was the President and COO of Wise Snacks, and previously held leadership positions with Nutro Pet Foods and Frito Lay.
“I am excited to join the Muffin Mam team and to partner with Azalea Capital in building on the strong foundation put in place by Ms. Croley and Mr. Marshall,” said Mr. Armstrong. “Our initial plans are to expand capacity to meet the growing demand for the quality baked goods Muffin Mam is known for in the marketplace.”
“The additional resources and the shared vision for Muffin Mam will allow us to execute our growth plan and better serve our loyal customers with more capacity, new products and greater capabilities,” said Mr. Marshall. “We truly look forward to our new partnership and the opportunity to realize the dreams of Stephanie Croley when she started the business. We have come far since 1992, but the best is clearly yet to come.”
Azalea Capital invests in middle market companies that have annual revenues of at least $10 million and EBITDAs of up to $8 million. Industries of interest include aerospace, business services, consumer products, energy services, healthcare, manufacturing, and value-added distribution. Azalea Capital was founded in 1996 and is headquartered in Greenville, SC (www.azaleacapital.com).
© 2018 Private Equity Professional | August 1, 2018