Graham Rolls Out a Dough-lightful Add-on
April 24th, 2025
PHILADELPHIA
Portfolio Company Commercial Bakeries Acquires Hollandia Bakeries
April 23, 2025 – Graham Partners (“Graham”), a private investment firm targeting advanced manufacturing companies, is pleased to announce that one of its portfolio companies, Commercial Bakeries Corporation (“Commercial Bakeries”), a producer of private-label packaged cookies, has acquired Hollandia Bakeries (“Hollandia”), a manufacturer of wire cut and rotary molded cookies, with a focus on the seasonal segment of the market. Hollandia follows the acquisition of Imagine Baking, which was completed in May 2024, and expands Commercial Bakeries’ product portfolio and facility network capacity.
Headquartered in Mount Brydges, Canada, Hollandia was founded as a family-owned and operated manufacturer of hard and soft baked cookies, gingerbread houses, fruit-filled turnovers, and rotary molded cookies. Primarily serving the private-label retail channel, Graham believes Hollandia offers significant cross-selling opportunities for Commercial Bakeries, as well as manufacturing synergies. Less than two hours from Commercial Bakeries’ Toronto headquarters, Hollandia’s fully operational, peanut-free facility enables greater manufacturing flexibility within Canada and unlocks additional sandwich crème capacity at the Toronto facility, allowing Commercial Bakeries to adequately serve its customers’ growing demand for this product type.
Graham’s original investment thesis for Commercial Bakeries was premised on strong growth in the private label baked goods category as retailers continue to look to drive foot traffic in stores by selling innovative, seasonal, and better-for-you products to their customers. The Hollandia acquisition expands the opportunity for Commercial Bakeries to capitalize on these trends by introducing gingerbread, soft-baked, and fruit-filled cookie offerings to its attractive customer base of leading private label retailers. Graham believes Hollandia offers a highly complementary customer base, providing both organizations an opportunity to increase wallet share with their Canadian customer bases. Andrew Snyder, Managing Principal at Graham Partners, said “We are excited to add Hollandia to the Commercial Bakeries platform as it broadens and diversifies the company’s set of core product offerings.” Kedar Shirole, Vice President at Graham Partners, added “We look forward to partnering with the Hollandia team to deliver Commercial Bakeries’ strong R&D capabilities and focus on custom offerings to the customers Hollandia has traditionally served.”
About Graham Partners
Graham Partners is a private investment firm focused on investing in technology-driven companies that are spurring innovation in advanced manufacturing, resulting in product substitutions, raw materials conversions, and disruptions to traditional end markets. Graham Partners can offer control or minority capital solutions and typically targets companies with EBITDA up to $50 million. Since the firm’s founding in 1988 by Steven Graham, Graham Partners has closed over 160 acquisitions, joint ventures, financings, and divestitures. The committed capital raised since inception through the Graham Partners funds together with Graham-led co-investments totals approximately $6.8 billion as of December 31, 2024, pro forma for subsequent events, which differs from Graham’s Regulatory Assets Under Management of approximately $3.9 billion as of December 31, 2024. Investors include high-net-worth individuals, college and university endowments, foundations, pension plans, insurance companies, funds-of-funds, and other institutional investors. Based in suburban Philadelphia, the firm has access to extensive operating resources and industrial expertise and is a member of The Graham Group, an alliance of independent operating businesses, investment firms and philanthropic entities, which all share in the common legacy of entrepreneur Donald Graham.
Headquartered in Toronto, Canada, Commercial Bakeries is a producer of private label packaged cookies with a focus on specialty / premium, better-for-you, and seasonal / limited time offering (“LTO”) products for retail grocery chains and brands in North America. Graham believes that Commercial Bakeries’ flexible manufacturing operation allows the company to produce a wide array of different types of cookies and win meaningful business in LTO and seasonal SKUs, where retailers are rapidly introducing new products.
FOR FURTHER INFORMATION CONTACT:
Andrew Snyder (asnyder@grahampartners.net)
Kedar Shirole (kshirole@grahampartners.net)
Christina Morin (cmorin@grahampartners.net)
Tel: (610) 408-0500
Legal Disclaimer This press release is for informational purposes and is not an offer to sell, or a solicitation of an offer to buy, securities in the United States or elsewhere. Graham Partners is not utilizing this release to provide investment or other advice, and no information disclosed therein is to be relied upon for the purpose of making investment decisions. Past performance does not guarantee future results and any transactions described are included as representative transactions and are not necessarily reflective of overall performance. It should not be assumed that any investment described herein was or will be profitable. There can be no assurance that historical trends will continue. Graham Partners' market characterization is based on subjective determinations that it believes reasonable but others may disagree with such characterization. There is no guarantee that Graham Partners' initiatives will drive value for its investments or accelerate growth or lead Graham Partners' investments to become profitable.