Arbor Acquires Furlani Foods in Specialty Bakery Deal

Arbor Investments has acquired Furlani Foods, one of North America’s largest manufacturers of frozen and shelf-stable garlic bread products, from Entrepreneurial Equity Partners which purchased a stake in Furlani alongside the founding Kawaja family in May 2023.

Furlani Foods produces garlic bread, garlic Texas toast, cheese bread, breadsticks, dinner rolls, and garlic knots sold under its owned consumer brands Furlani and Cole’s, while also supplying private-label products for grocery retailers.

The company’s products are sold to grocery chains, club stores, and foodservice operators across North America, including Walmart and Aldi, which sell the company’s branded and private-label breads through their frozen and bakery aisles.

Restaurants and institutional kitchens also purchase its breadsticks, garlic toast, and rolls for use as side dishes with pasta or pizza. The Cole’s brand, which Furlani added through an acquisition in 2025, expanded its range of frozen garlic bread and breadstick products sold through U.S. retail channels.

Furlani was founded in 1984 by James Kawaja and initially produced garlic spreads and purees before expanding into frozen garlic bread and related baked goods distributed through retail and foodservice channels. Today, the Mississauga, Ontario–headquartered company is led by CEO Jonathan Kawaja and operates production facilities in Wisconsin, Iowa, and Ontario.

The acquisition of Furlani is the third platform investment for Arbor’s sixth fund and continues the firm’s strategy of investing in the food, beverage, and related industries. With the acquisition of Furlani, Arbor has now invested in 19 baking businesses and has maintained a baking platform in each of its investment funds. Prior investments in the sector include Golden Waffles in Fund V, Crown Bakeries in Fund IV, Rise Baking in Fund III, Gold Standard Baking in Fund II, and Great Kitchens in Fund I.

“Jonathan and the Furlani team have established themselves as leaders in the specialty garlic bread category by making significant investments in capacity and innovation over the years,” said John Jordan, president at Arbor Investments. “The company’s next phase of expansion will require more of the same – continued investment in growth CapEx and compelling innovation to meet the needs of their customers. This aligns seamlessly with Arbor’s playbook, and we look forward to partnering on this next chapter together.”

“Throughout the process, it became clear Arbor would be an excellent fit for Furlani,” said Mr. Kawaja. “Arbor’s know-how and resources in the baking industry, combined with a shared vision positions us well to continue serving our customers and consumers at the highest level.”

“From tortillas and croissants to waffles and pastries, I’ve always had a soft spot for baking businesses,” said Greg Purcell, co-founder and CEO of Arbor Investments. “Our philosophy is to invest in taste and value, and Furlani hits the mark on both. Add in our team’s deep expertise in baking, and I’m confident we can accelerate growth and win new customers and channels.”

Arbor invests from $100 million to $250 million of equity per transaction in food, beverage, and related companies. Since its founding in 1999, the firm has acquired or invested in more than 80 North America–based companies. Arbor Investments is headquartered in Chicago with an additional office in New York City.