Consolidation • Food

Keystone Capital Acquires Tribute Baking Company

On December 13, 2021, private equity firm Keystone Capital acquired food company Tribute Baking Company

Acquisition Context
  • This is Keystone Capital’s 5th transaction in the Food sector.
  • This is Keystone Capital’s 32nd transaction in the United States.
  • This is Keystone Capital’s 2nd transaction in New York.

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M&A Deal Summary

Date December 13, 2021
Target Tribute Baking Company
Sector Food
Buyer(s) Keystone Capital
Deal Type Consolidation

Target Company

Tribute Baking Company

Bohemia, New York, United States
Tribute Baking Company is a manufacturer of authentic New York style kettle-boiled and hearth-baked bagels, as well as cakes and brownies. Tribute's products are sold into the in-store bakery, club store, foodservice, and convenience store channels. Tribute Baking Company was founded in 2021 and is based in Bohemia, New York.
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Buyer Overview 1

Buyer

Keystone Capital

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1994
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Keystone Capital is a private equity firm focused on acquiring family businesses, corporate divestitures, industry consolidations, and special situations. Keystone prefers lower middle-market, US-based businesses with EBITDA of $5 to $20 million. Target sectors include specialty manufacturing, business services/outsourcing, food processing and ingredients, publishing, instrumentation, optical components, and healthcare products/services. Keystone will not invest in start-ups, turnarounds, commodities, defense/government contractors, retail stores, or restaurants. Keystone Capital was formed in 1994 and is based in Chicago, Illinois.


Deal Context for Buyer #
Overall 32 of 40
Sector: Food 5 of 6
Type: Consolidation 3 of 4
State: New York 2 of 2
Country: United States 32 of 39
Year: 2021 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-13 Hometown Foods USA

Medley, Florida, United States

Hometown Foods USA is a manufacturer of bagels and cake products sold to in-store bakeries, club stores, and the foodservice channel. Hometown Foods USA product offering includes traditional Mrs. W’s Wonderlicious bundt cakes, New York-style bagels, indulgent crème cakes, crumb bundt cakes, and loaf cakes.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-01 Integra Testing Services

Mentor, Ohio, United States

Integra Testing Services is a national provider of testing, adjusting and balancing (TAB) services to the commercial HVAC market. In addition, Integra also provides other niche inspection and testing services including commissioning, water balancing, and building façade pressure testing. Integra Testing Services is based in Mentor, Ohio.

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