Rich's Transforms Its US-Canada Business Portfolio With The Announcement Of Two Acquisitions And New Joint Venture
BUFFALO, N.Y., Dec. 12, 2012 /PRNewswire/ -- Rich Products Corporation has announced three important additions to its portfolio, acquiring two food companies – Goglanian Bakeries Inc. and f'real® foods LLC; and entering into a joint venture – Twin Star Bakery, with business partner The Stolbun Group.
"The acquisitions of Goglanian Bakeries and f'real foods, and establishment of our Twin Star joint venture, are consistent with our ongoing commitment to shape and reshape our diverse portfolio to keep Rich's focused on a path of long term growth," said Bill Gisel, Rich's President and Chief Executive Officer.
Acquisition of Goglanian Bakeries The acquisition of family-owned Goglanian Bakeries will significantly expand Rich's current pizza business and provide the company with an exceptional line of par-baked pizza crusts, flatbreads and pitas, to complement its existing strength in frozen pizza dough within the foodservice channel. Goglanian also possesses a significant manufacturing network with operations in Santa Ana, Calif., Fountain Inn, S.C. and Rochester, N.Y., along with a new state-of-the-art facility located outside of Chicago, Ill., which is expected to open in the first quarter of 2013.
"This acquisition strengthens our competitive position within the pizza category, one of our highest growth priorities for our US-Canada Region. We are confident that the Goglanian business has the capacity to grow exponentially as it transitions into our organization to leverage our scale, management depth and customer access in the US, Canada and other regions across the world," said Richard Ferranti, Executive Vice President and Chief Operating Officer.Acquisition of f'real foodsThe addition of f'real foods, based in Orinda, Calif, provides Rich's with a new product line and greater penetration into the high-growth convenience store segment. Founded in 1995, f'real is a fast-growing company which sells authentic, high-quality milkshakes, smoothies and frozen coffee beverages, along with patented blending equipment, to more than 9,000 convenience store and foodservice locations across the United States and Canada. Based on f'real's unique business model and current growth trajectory, the company will be managed as a separate subsidiary business. "The acquisition of f'real provides us with the opportunity to enter into a completely new product category, and also establish additional inroads into the high growth convenience-store segment within Rich's Foodservice Division. We will be working closely with the f'real leadership team to help them leverage our scale, best practices and certain capabilities. We also will look to create opportunities for f'real to take advantage of our sales channels and customer contacts on a global basis," said Ferranti.
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