Tuesday, 18 July 2017

Pamplona Capital Management is opening a bakery

Well, that's a surprise! 'Why would they do something like that, boss?' I have no idea, Voice. Maybe they're eccentrics.

New York / Atlanta / London, July 17, 2017 - CSM Bakery Solutions, a global leader in bakery ingredients, products and services, today announced it had reached an agreement for the sale of its BakeMark business to Pamplona Capital Management.

Okay. They're calling it BakeMark. I haven't seen any of their shops around. 'Maybe you can pop in for a cheese roll or something.' Yes, if I can find one of their shops.

The agreed upon sale is an important step in advancing CSM's strategy to focus on its core business in Europe and North America, according to CSM's President and CEO Marianne Kirkegaard.

Fine. And what did this Marianne say?

"We have always had great appreciation for the value of the BakeMark business but this sale will help us support our goal of further strengthening our core business in Europe and North America by focusing on our value added bakery products and ingredients portfolio," she said. "Under Pamplona's ownership, BakeMark can further strengthen its strong position and reputation as the industry's supply and distribution market leader in North America."

Okay, okay. But ... is someone going to explain why Pamplona wants a bakery? I mean, I would appreciate it, and so would my readers.

Based in Pico Rivera, California, BakeMark provides distribution services through a network of 25 distribution centers and three manufacturing facilities across the United States and Canada. BakeMark offers a diversified line of products, ingredients and supplies to the food industry under brands that include Westco, Trigal Dorado and BakeSense.

Oh, obviously not. Unbelievable! 'Maybe they're fed up with crap meals and snacks from the office vending machine, boss. However, if they owned a bakery nearby, they could just -' Shut up, Voice! Please! You're talking absolute nonsense. As usual. / Dear reader(s), maybe Billy Pruellage can help us ...

William Pruellage, a Partner at Pamplona, expressed his confidence in BakeMark's future. "BakeMark is a market-leading specialty distribution platform serving as the premier bakery ingredient supplier in North America," he said. "We believe BakeMark is well positioned to succeed as a stand-alone entity and capitalize on new growth opportunities. We look forward to supporting Jim Parker, the President and CEO of BakeMark, and the rest of the Company's exceptional management team to build on its long history of providing trusted and valuable service to the food industry."

Well, I'm none the wiser. As long as they're happy, I suppose. / Let's just finish with this -

The BakeMark investment is being made from Pamplona's fifth private equity fund, Pamplona Capital Partners V, L.P., a $3.4 billion investment vehicle raised in 2017. Barclays is serving as Pamplona's financial advisor. Pamplona received legal advice from Goodwin Procter LLP. Committed debt financing for the transaction has been provided by the Senior Direct Lending Program, a joint venture between Ares Capital Corporation and Varagon Capital Partners, and Northwestern Mutual Capital.

Okay. Well, I hope they know what they're doing.


Anything else? Brexit? I'm afraid I won't be writing about Brexit no more. I have a few foreign readers, and I'm just too embarrassed to write on the matter, frankly. Christ! I never imagined this country would be destroyed by so-called ... patriots. 'Ha!' They should be up on a charge, man, the whole lot of them.