J. Skinner Baking Partners with Stellex in Expansion-Focused Recapitalization

Doug Davidson joins as President and Chief Operating Officer

OMAHA, Neb.--(BUSINESS WIRE)--J. Skinner Baking (“J. Skinner” or the “Company”), a premier manufacturer of artisan baked goods including danishes, muffins, cinnamon rolls, brownies, and bars announced that it has been acquired by Stellex Capital Management (“Stellex”), a private equity firm that invests in middle market companies in North America and Europe. The financial details of the transaction have not been disclosed.

Headquartered in Omaha, Nebraska, J. Skinner provides ready-to-eat baked goods through grocery in-store bakeries (“ISB”), foodservice providers, and co-pack partnerships. Founded in 1983, the Company has grown into one of the largest ISB providers in the U.S., selling its products in over 30,000 retail locations across all 50 states.

Stellex’s partnership with J. Skinner will support investment into production capacity expansion, increased automation, and new product development. In addition to financial resources, the Company also announced the appointment of multi-decade bakery operator, Doug Davidson, as President and Chief Operating Officer further adding to the wealth of category expertise while bolstering operational leadership.

“Stellex has supported the business with significant incremental day-one capital and liquidity to enable the company’s aggressive expansion plans,” said Audie Keaton, CEO of J. Skinner. “This new partnership will seek to strengthen our existing operations, support the Company’s long-term growth agenda, drive sustainability, and bring value to J. Skinner’s employees, the Omaha community, and our nationwide customer base.”

“With a long history of driving value for its strategic retail partners through baked goods innovation, quality, and service, J. Skinner is now equipped for its next stage of product and capability expansion,” added Trey Lee, Managing Director at Stellex. “We are thrilled to welcome Doug to the team and invest behind this inflection point with our capital and strategic resources as the Company moves further to meet customers at their critical points of need.”

Winston & Strawn LLP provided legal support to Stellex and Abrahams Kaslow & Cassman LLP provided legal support to J. Skinner. DA Davidson, Riparian Partners, and Burlington Capital served as financial advisors to J. Skinner. Terms of the transaction were not disclosed.

About J. Skinner

Headquartered in Omaha, Nebraska, J. Skinner is one of the premier bakery manufacturers in the U.S. With over 800 employees and a diverse product offering across danishes, muffins, cinnamon rolls, brownies, and bars, J. Skinner is a long-standing partner to the nation’s largest grocers, foodservice providers, and co-packers due to its commitment to product quality, consistency, and sustainability. Additional information may be found at skinnerbaking.com.

About Stellex Capital Management

With offices in New York, Detroit, Pittsburgh, and London, Stellex Capital is a private equity firm with over $2.8 billion in AUM. Stellex seeks to identify and deploy capital in opportunities that stand to benefit from its operationally focused and hands-on approach to investing. Portfolio companies are supported by Stellex’s industry knowledge, operating capabilities, network of senior executives, strategic insights, and access to capital. Sectors of particular focus include aerospace, defense & government services, transportation & logistics, manufacturing, real economy & business services, food processing and tech-enabled services. Additional information may be found at www.stellexcapital.com.