Wholesale Bakery – Tampa, Florida Outstanding Customer Base including Darden Restaurants and Bloomin Brands
Our firm has been retained to seek an immediate sale of Jeff’s Gourmet Pies, Inc. (“Jeff’s” or “the Company”), a wholesale bakery in Tampa, Florida, primarily serving restaurants and food service companies throughout the US and Canada. The Company was founded in 1982 by a food service veteran, with the philosophy, “use only the finest ingredients and create only the highest quality desserts”. Today, annual revenue is in excess of $6 million, reaching $6,888,210 in 2013 (up 37% from 2012) and tracking similarly for 2014.
The Company provides cheesecakes, layer cakes, pies, and individual portions through a network of distributors to well-known, national restaurant chains owned by the Darden and Bloomin Brands groups, as well as several national foodservice companies, including SYSCO and US Foods (formerly US Foodservice). The business operates out of its owned 17,000 sq. ft. facility (2,200 sq. ft. of cooler space – 32 degrees; 2,000 sq. ft. of freezer space – minus 15 degrees; 200 sq. ft. of blast cell – minus 20 degrees, and a 400 sq. ft. “icing” room – 50 degrees). The building has 22’ clear ceiling heights and 6 dock high loading doors. Jeff’s Food Safety Program has annually been rated “Superior” by the American Institute of Baking, including a HACCP Program since 2001. They have 3rd party auditors visit throughout the year, testing food safety practices, and they continue to receive the highest grades.
In early 2013, Jeff’s added an R&D team and opened a new, 450 sq. ft. R&D Kitchen/Training Room to focus on new solutions for the ever changing consumer needs. The R&D team has extensive credentials, led by corporate chef, Lee Ellen Ferguson. Chef Lee has 20 years’ experience as a baker and Pastry Chef; her award-winning recipes have earned distinction from the American Culinary Federation, and she is a four-time winner of the National Pie Championships “Best of Show” award. Lee is a graduate of The Culinary Institute of America (CIA). As a Research Chef, she blends food science training, creativity and solid culinary principles into inspired product development for both the food service and specialty retail channels.
In 2012, Jeff’s recapitalized and added a foodservice veteran to the ownership team, Joseph Penshorn, who has 20 plus years in the food service manufacturing environment. Joe was able to give the Company tremendous inroads to very successful and well known restaurant groups, ranging from steakhouses to seafood restaurants. He is willing to stay on for an interim period to help transition that business.
This is an excellent opportunity to acquire sales volume and capacity in the southeast, as well as distribution relationships into chains that control over 2,200 restaurants. There is an outstanding consolidation play for other companies in this industry, as well as a chance for manufacturers of other food.