Quad-C Management Announces Sale of Cloverhill Bakery

  Quad-C Management Announces Sale of Cloverhill Bakery

Business Wire

CHARLOTTESVILLE, Va. -- March 26, 2014

Quad-C Management, a leading middle market private equity firm, today
announced the firm and its management partners have sold portfolio company
Cloverhill Bakery (“Cloverhill”), a leading manufacturer of individually
wrapped sweet baked goods, to Switzerland-based global food business ARYZTA
AG. The deal closed on March 25, 2014.

Quad-C invested in Cloverhill in 2009. Founded in 1961 and headquartered in
Chicago, Illinois, Cloverhill is a leading innovator of individually wrapped
pastries, including danishes, honey buns, muffins and other cake products, for
retail, co-pack, foodservice and vending customers. During Quad-C’s investment
period, Cloverhill has invested approximately $100 million in growth capital
and grown revenue by more than 80%.

“Back in 2009, Quad-C saw Cloverhill as an exciting opportunity to invest in a
high growth market leader in the packaged foods space, but equally as
important, to partner with an aggressive, talented management team willing to
reinvest significantly with us as co-owners,” said Frank Winslow, partner,
Quad-C Management. “We are thrilled with the outcome of our work together,
which resulted in substantial expansion and the creation of long-term value
for the Company.”

The Cloverhill investment is one of many consumer-focused investments in
Quad-C’s twenty-five year history. Other representative investments in the
sector include Augusta Sportswear, Generation Brands and Red Robin.

“We are very pleased with the success of the Cloverhill investment and feel
the partnership we created with management is indicative of our investment
approach at Quad-C – one where interests are aligned among our limited
partners, ourselves and management and where strategies are set in a
collaborative fashion. We wish the team luck and look forward to their
continued success,” added Steve Burns, senior partner, Quad-C Management.

About Quad-C

Founded in 1989 and headquartered in Charlottesville, Virginia, Quad-C is a
middle market private equity firm focused on investing in well-established
business services, consumer, general industrial, healthcare, specialty
distribution and transportation/logistics companies. In its 25-year history,
Quad-C has invested over $2 billion of equity across more than 50 companies.
The Quad-C team is committed to partnering with entrepreneurs and management
teams to accelerate growth and create long-term value. www.quadcmanagement.com

About Cloverhill Bakery

Cloverhill, headquartered in Chicago, IL, is a leading producer of
individually wrapped sweet baked goods. The Company’s product portfolio
includes over 30 product formulations and 300 SKUs, including fold-over and
round Danish, cinnamon rolls, honey buns, donuts, muffins, crumb cakes, and
cream-filled cakes. Cloverhill operates a modern, high volume manufacturing
platform consisting of two world-class bakeries in the Chicago metropolitan
area. Cloverhill has more than 200 customers across the retail, co-pack,
vending, c-store, and QSR channels. For more information, visit Cloverhill’s
website: www.cloverhill.com

About Aryzta

Aryzta, headquartered in Zurich, Switzerland with operations across North
America, South America, Europe, Southeast Asia, Australia, and New Zealand, is
a leading global bakery company dually listed on the Swiss and Irish stock
exchanges. Aryzta’s wide range of products and capabilities includes artisan
breads, sweet baked goods, and an array of other savoury items such as pizza,
tarts, and pies. For more information, visit Aryzta’s website: www.aryzta.com


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Jen Dowd, 617-556-9982, x225
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