Arbor Investments, based in Chicago, Illinois, announced today that it has completed the recapitalization of PBF Pita Bread Factory Ltd. Headquartered in Burnaby, British Columbia, PBF is a leading manufacturer and marketer of fresh and frozen premium baked goods. Terms of the sale were withheld.
Pita Bread Factory has an outstanding reputation as a market leader in product taste, quality and service. Founded in 1984, the Company has grown to become a recognized national supplier of baked goods to bakery-deli, foodservice and private label customers in Canada and the United States. PBF’s product offering encompasses a variety of gourmet bakery items, including its signature pita bread, tortillas, bagels, naan, cookies and pies that are marketed under the Company’s PBF Signature, Bakestone Brothers, and 24th Ave. brands or private label. The Company recently relocated to a state-of-the-art facility in Burnaby, BC which is BRC certified and has ample capacity for growth.
“PBF exemplifies the type of high-quality food manufacturer that Arbor seeks for its portfolio,” said Arbor Vice President Alan Weed. “PBF has thrived under the ownership of the Hayek family, and we are thrilled to be acquiring the business as it enters its next stage of growth.” Fady, Sid and Ron Hayek will remain active in daily operations of the Company and the family will retain a significant ownership stake going forward.
“Arbor is a great fit for us, and we look forward to a prosperous future for the Company,” said Fady Hayek, President of PBF. “Their extensive industry knowledge and experience in the baking segment in particular made them a very attractive partner for our family business. They will be a valuable resource on many levels and will allow us to maintain our historically strong trajectory of growth and profitability.”
“PBF had all the qualities we were seeking for Arbor’s first investment in Canada,” said Arbor President Joseph Campolo. “We look forward to building on the Company’s excellent reputation as we add new customers and product capabilities. We will also be looking to grow the business through complementary acquisitions both in Canada and the United States.”
KPMG advised the sellers. Blake, Cassels & Graydon LLP and DLA Piper LLP (US) served as Arbor’s legal counsel.