Flowers Foods to acquire Canyon Bakehouse for $205 million
Flowers Foods has announced a definitive agreement to acquire Canyon Bakehouse LLC, a privately held, gluten-free baking company based in Johnstown, Colo., for approximately $205 million.
Flowers Foods has announced a definitive agreement to acquire Canyon Bakehouse LLC, a privately held, gluten-free baking company based in Johnstown, Colo., for approximately $205 million. The acquisition, which is subject to regulatory approval and customary closing conditions, is expected to be completed in the fourth quarter of 2018.
Canyon Bakehouse offers a line of 21 gluten-free breads, buns, bagels, English muffins, and specialty items. Almost 90% of its sales are distributed frozen through natural, specialty, grocery, and mass retailers across the United States, with the remainder sold fresh. The company was founded in 2009 and now employs 206 people in a recently constructed 165,625-sq-ft bakery with two production lines. Upon close of the transaction, Canyon Bakehouse co-founder Josh Skow will continue to lead the business as president and co-founder Christi Skow will serve as brand ambassador.
“Canyon Bakehouse is an innovative leader in a growing segment of the bakery category, which closely aligns this acquisition with our strategic goals,” said Allen Shiver, Flowers’ president and chief executive officer. “They have great products, a talented team of employees, a state-of-the-art gluten-free bakery, and a brand with an enthusiastic fan following. We see opportunities to leverage Flowers Foods’ distribution network and retail partnerships to drive growth by bringing Canyon Bakehouse products to more consumers across the country.”