New Water Capital acquires leading bakery products manufacturer Klosterman Baking Company


BOCA RATON, Florida., July 27, 2022 /PRNewswire/ — A subsidiary of New Water Capital Partners II LP (New Water), a Boca Ratonprivate equity firm focused on lower middle market companies, acquired Cincinnati, Ohiobased at Klosterman Baking Company Inc. (Klosterman).

Founded in 1892 by members of the Klosterman family, Klosterman is a leading producer of fresh and frozen breads, buns, flatbreads, organic breads, artisan breads, donuts and other baked goods in the serving a large and well-established national restaurant and other foodservice customer base. operators, grocers and convenience stores and institutional customers. Today, the company operates 17 bakeries and distribution facilities in all eight Midwestern states.

“Klosterman’s leading position as a producer and distributor of fresh and frozen baked goods to major grocers, restaurants and institutional customers provides a recession-proof investment opportunity with excellent long-term growth potential,” said New Water Principal. Anuj Singh.

“Over four generations, the Klosterman family has built a remarkable company with a reputation for putting customers and employees first,” Singh said. “We are grateful to be able to partner with the company to continue to build on this culture and heritage. With the ever-increasing demand for consumer convenience, the expansion of the fast food and fast food industry, and recent inflation- driven by the appetite for meals served on wheels, Klosterman is well positioned to weather and benefit from a fluctuating economic and consumer environment.”

“New Water has a proven track record of recognizing and leveraging the strengths of its partner companies to help them achieve the next level of growth and success,” said Klosterman chip, representing the Klosterman seller family. “Their respect for the positive corporate culture that Klosterman has nurtured over the past 130 years has made them the preferred partner to lead our business into the future.”

“Through our partnership with management, Klosterman will seek to expand the company’s product portfolio and geographic distribution footprint to better serve our growing customer base through a combination of organic and inorganic growth levers,” added the new vice-president of water. Nick LaRosa.

“New Water’s investment and capital management experience in the food sector will give Klosterman the tools it needs to scale to meet existing customer demand and optimize its market position. national,” said Klosterman’s president. Ross Anderson.

“New Water brings leadership and strategic expertise that we can use to better systematize operations, improve our distribution channels and position ourselves for future growth,” said Anderson. “We are excited about the enormous potential of Klosterman Baking Company in this new partnership.”

The acquisition of Klosterman strengthens New Water’s presence in the manufactured food sector, which includes frozen food developer The Perfect Bite Co. and frozen food maker Pegasus Foods. New Water previously owned fresh food supplier Custom Made Meals (CMM), which it acquired in 2017 and sold in May 2021after expanding CMM’s US customer base from approximately 6,000 grocery stores to over 15,000 outlets nationwide.

Lincoln International LLC served as exclusive financial advisor to Klosterman and the Sellers.

About New Water Capital LP

New Water Capital LP is a private equity firm focused on lower-middle market companies in the consumer products and industrial manufacturing and services sectors with revenues of $30 million at $300 million. New Water Capital’s collaborative transaction and operating model is designed specifically to support companies in transition, building on their unique cultures and strengths. For more information, visit

CONTACT: Bonnie Osborn
[email protected]

SOURCE New Water Capital, LP


About Author

Comments are closed.