Bakery Solutions Investment Taps Firm’s Previous Success
In The Commercial Bakery Sector
ATLANTA, October 15, 2010 – ICV Partners (ICV), a private investment firm focused on investments in smaller middle market companies, today announced an investment in Mallet & Company, a leading manufacturer of proprietary oils, ingredients and equipment used in the more than $25 billion commercial bakery industry.
ICV is partnering with the current CEO, Robert Mallet, whose father founded the company in 1939. Mallet manufactures technically advanced solutions that are critical to the successful operation of high volume commercial bakery lines. Based in Carnegie, PA, the company sells its products primarily to large commercial bakeries.
“This is a very exciting investment for ICV as it allows us to leverage expertise learned from our successful investment in Sterling Foods to help Mallet’s future growth,” said Willie E. Woods, President of ICV Partners. “We understand the challenges involved in selecting a partner for a family owned business and we want to thank Bob Mallet for the trust he has placed in our firm. We look forward to working with him to build the next phase of the company’s growth.”
Mallet’s three key products include release agents, which are proprietary oil formulations used to coat trays and baking pans used in the baking process; equipment solutions, highly automated bread and bun pan oilers and cake pan greasers that spray release agents over targeted areas evenly and consistently; and specialty ingredients, such as icing stabilizers, emulsifiers, specialty shortenings and vegetable oils.
“Mallet has a history of customer focused product innovation and a robust product development pipeline. Our goal is to leverage their technological edge to grow the business and expand throughout North America and beyond,” said Ira Moreland, Managing Director at ICV.
Robert Mallet, CEO of Mallet & Company, said, “ICV gave me a great sense of confidence to make the final decision to partner with them to further the growth of our company. I believe our employees and customers will benefit from this new relationship as we now have greater resources to make Mallet an even more valued partner to our customers.”
ICV has proven successful at acquiring family-owned businesses, including Entertainment Cruises and Marshall Retail Group. In the commercial bakery sector, ICV acquired Sterling Foods, the leading manufacturer of extended shelf-life bakery and snack food products sold to the military, and helped the company achieve significant revenue gains and diversify its business into the commercial bakery and neutraceutical markets. The company was sold in 2008 for 3x return on capital.
About ICV Partners, LLC
ICV Partners is a leading private investment firm that supports management leaders of strong companies at the lower end of the middle market. Founded in 1998, ICV invests in family-owned and closely-held businesses as well as corporate divestitures with $25 – 250 million and $5 – 30 million in sales and EBITDA, respectively. With over $440 million in capital under management, the principals of ICV have crafted a strong track record, investing more than $200 million in 17 companies across a variety of industries. For additional information about ICV Partners, please visit www.icvpartners.com.