SAN FRANCISCO--()--Pacific Community Ventures, a private growth equity firm focused on building small consumer-facing businesses, is pleased to announce the sale of its portfolio company, Galaxy Desserts, a leading developer, manufacturer and marketer of private label and branded all-natural gourmet desserts and pastries, to Brioche Pasquier Group, a France-based, family-owned manufacturer and marketer of baked goods. The sale will provide Galaxy with significant resources to expand the distribution of its existing products, develop new products and introduce Pasquier’s world class line of baked goods, and in particular its brioche products, to the American market.
“We are also extremely pleased that the acquirer, Pasquier, is committed to retaining the Galaxy production facility in Richmond and to growing Galaxy’s manufacturing capabilities in Northern California. This commitment will lead to the creation of considerably more quality jobs for low and moderate income communities around Richmond.”
Galaxy’s founders, Paul Levitan and Jean Yves Charon, will continue to lead and manage Galaxy, and have retained a significant ownership position in the company.
PCV invests in high growth businesses that deliver exceptional financial returns while creating lasting high quality jobs for low and moderate income communities. In addition to the attractive financial returns delivered to PCV’s investors as a result of the sale of Galaxy, PCV’s investment created a significant social return as well, through the creation of quality jobs and career opportunities for Galaxy’s many low and moderate income employees, which make up 81% of the company’s workforce. Through PCV’s investment, Galaxy was able to almost double the size of its manufacturing facility in Richmond, California and increase jobs by 33% over the life of the investment, resulting in quality jobs for 163 employees. In addition, Galaxy increased health care and retirement benefits for its employees after PCV’s investment.
“PCV’s investment enabled Galaxy to grow profitably and add sustainable, quality jobs for local Richmond residents. PCV brought more than just capital to Galaxy; their experience in growing small companies was instrumental to our growth,” said Paul Levitan, Galaxy’s CEO.
“Paul and Jean Yves have been a great team to work with. They shared our commitment to creating quality jobs and career growth opportunities for their workforce. There have been numerous instances where Galaxy’s hourly employees have been provided with the training and opportunity to grow into management roles in the Company,” said Peter Mehrberg, Managing Director at Pacific Community Ventures and former Galaxy board member. “We are also extremely pleased that the acquirer, Pasquier, is committed to retaining the Galaxy production facility in Richmond and to growing Galaxy’s manufacturing capabilities in Northern California. This commitment will lead to the creation of considerably more quality jobs for low and moderate income communities around Richmond.”
Pacific Community Ventures, LLC (PCV) is a venture and private equity investment firm focused on investing in small, high growth California businesses that bring economic benefit to low to moderate income employees and communities. PCV builds, develops and maximizes the value within these organizations for the benefit of owners, management and employees. PCV’s experienced team works closely with companies, providing hands on strategic and operational guidance in addition to capital. For more information, please visit www.pcvfund.com.