Gold Standard Baking, North America’s largest manufacturer of croissants and a leading manufacturer of dough-based sweet baked goods, announced that 37 Baking Holdings has agreed to acquire Gold Standard’s assets and continue its current operations in Chicago.
The proposed acquisition is being facilitated by a bankruptcy filing in Delaware by Gold Standard and its parent, Gold Standard Holdings. “To navigate the changing economic climate, we have developed a plan that will unburden Gold Standard’s business of excessive debt and sell its assets to a new owner who will build on and continue our longstanding success in the baked goods industry,” said Haq Chaudary, President and CEO. “We look forward to executing on this negotiated strategy swiftly and efficiently, and continuing our business in its next chapter.”
37 Baking Holdings was formed by a consortium of North American investment companies to acquire the assets of Gold Standard Baking and provide the business with a base of long-term, permanent capital. Other meaningful investors include management, led by CEO, Haq Chaudary, who will continue to lead the business going forward. 37 Baking investors have deep value creation experience in a variety of industries, including food and real estate, with a long-term outlook on growing sustainable businesses..