client_transactions

SSG Client Transactions

Title

Country Home Bakers Inc.- Readi-Bake Ltd.
Client Profile

Client Profile

Country Home Bakers, Inc. (“Country Home’ or the ‘Company’) is a manufacturer of frozen pies, breads and cookies. The Company's subsidiary, Readi-Bake Ltd. (‘Readi-Bake’), is a United Kingdom-based manufacturer of American-recipe cookies sold throughout the United Kingdom, as well as continental Europe.
Situation

Situation

Readi-Bake had maintained an impressive track record of growth and profitability over the last several years. However, the Chapter 11 filing of its parent company required the immediate sale of Readi-Bake to provide liquidity for the stakeholders and facilitate an emergence from bankruptcy.
Solution

Solution

SSG was retained to sell Readi-Bake, went to market quickly and identified a platform bidder for a Section 363 auction of the stock of the company. SSG also attracted a competing bidder, leading to an auction comprised of 16 bids and an 18% increase in the purchase price above the platform bid. Readi-Bake was ultimately acquired by Netherlands-based CSM nv. The strategic valuation that was realized allowed for a full recovery by the senior lenders of Country Home Bakers. The transaction closed in July 2003.
July 2003
has acquired 100% of the stock of
The undersigned acted as Investment Banker to Country Home Bakers Inc., Readi-Bake Ltd.
on this transaction.

Call to learn more

Call to learn more

If you would like to learn more about this transaction, or any of our transactions, call us today.

Philadelphia
(610) 940-1094

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(212) 786-7432

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