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newfrenchbakery.com

Stage

Acq - Fin | Alive

About The New French Bakery

The New French Bakery, headquartered in Minneapolis, bakes and markets a comprehensive offering of premium branded and private label take-and-bake, par-baked and fresh artisan breads. The Company's products are widely recognized for their superior quality and taste.In June 2013, The New French Bakery was acquired by Arbor Investments. The valuation of The New French Bakery was undisclosed. Other terms of the deal were not released.

The New French Bakery Headquarter Location

828 Kasota Ave SE

Minneapolis, Minnesota, 55414,

United States

612-455-7500

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The New French Bakery Patents

The New French Bakery has filed 1 patent.

patents chart

Application Date

Grant Date

Title

Related Topics

Status

8/10/2007

4/24/2012

Breads, Sandwiches, Baking, Cola brands, Flatbreads

Grant

Application Date

8/10/2007

Grant Date

4/24/2012

Title

Related Topics

Breads, Sandwiches, Baking, Cola brands, Flatbreads

Status

Grant

Latest The New French Bakery News

Minneapolis' New French Bakery sold to Chicago-area equity firm - StarTribune.com

Aug 9, 2018

Minneapolis' New French Bakery sold to Chicago-area equity firm Terms of the sale of the Minneapolis artisan bread maker to Chicago-based Arbor Investments weren't disclosed. June 26, 2013 — 12:37am   Peter Kelsey, a college dropout and one-time busboy who built the New French Bakery over nearly 20 years to 300 employees and $40 million in revenue, has sold the company for an undisclosed amount to an Illinois private equity firm that specializes in food-and-beverage concerns. Kelsey, 56, said Tuesday that he sold for unspecified millions partly because he couldn’t get large banks to lend him $6 million to add the equipment and people for another production line. The company generated $2 million in cash flow in 2012. He didn’t dispute a sale price of more than $10 million. After his primary lender, Northeast State Bank, told him that it would have to spread additional debt over several other small lenders, Kelsey said he concluded that he needed an equity investor. He turned to Chicago-based Arbor Investments, which has $600 million invested in about 30 food-and-beverage companies. “I was looking for an investor and these guys came along and said, ‘We don’t want to invest, we want to buy,’ ” Kelsey said. “I have to think about these 300 people and I usually just do what I want. It was time to get out of the way.” The New French made its name in artisan breads, and operates seven days a week from two Minneapolis plants that bake about 3 million pounds of bread a month. It provides fresh bread to 150 Minnesota customers, including the Minneapolis Club, Surdyk’s, Lunds, Target and the St. Paul Hotel. It also sells around the country. Kelsey, who survived cancer several years ago, said an expansion would be risky without deeper pockets. And New French had a couple close calls over its thinly financed history. “It’s the American dream,” Kelsey said, “I built a business to $40 million in revenue this year, but I didn’t have a nickel for my retirement or kids’ education. My oldest son is going to college this fall. I’m facing a big financing hurdle. I took the money.” Kelsey said he put most of the cash flow back in the company, save a salary of more than $200,000. He also owns a house in St. Paul and a Cirrus airplane, worth more than $200,000. He said even though he has an excellent credit report, he was unable to refinance his $380,000 home mortgage at a lower interest rate and had to put down 40 percent to buy the airplane in 2011 because banks considered him high-risk because he’s self-employed. Most of his company’s existing bank credit was insured by the U.S. Small Business Administration, which in May named him Minnesota Small Business Person of the Year. Kelsey said he has a one-year consulting contract with Arbor Investments, but that he’s bored four days after the sale closed. He may invest in other food ventures, but they will be small ones. Arbor Investments said that Jeff Getzkin, New French’s vice president of sales, and Michael Schultz, a veteran baking industry executive who previously worked for Best Brands, are also investing as part of the acquisition. A CEO has not yet been named to replace Kelsey, said Getzkin. Nothing is changing for the company’s customers or employees, Getzkin added. “We believe that now more than ever consumers want authentic, high-quality baked goods in their neighborhood grocers’ in-store bakery,” said Gregory Purcell of Arbor Investments.

  • Where is The New French Bakery's headquarters?

    The New French Bakery's headquarters is located at 828 Kasota Ave SE, Minneapolis.

  • What is The New French Bakery's latest funding round?

    The New French Bakery's latest funding round is Acq - Fin.

  • Who are the investors of The New French Bakery?

    Investors of The New French Bakery include Arbor Investments.

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