DecoPac, Inc., announced on Tuesday that it has "participated in a growth recapitalization with affiliates of Snow Phipps Group, LLC." The terms of the acquisition were not disclosed.
DecoPac, headquartered in Minneapolis, Minnesota, is a direct-to-store distributor, technology and supply chain solutions provider for bakeries, cake decorators and baking enthusiasts in the US, Europe and Canada.
As part of the transaction, Michael McGlynn, DecoPac's current CEO, has been named non-executive co-chairman of the board.
"The McGlynn family has been in the bakery business for nearly 100 years, starting from our origins as a retail bakery in Minneapolis, Minnesota," McGlynn says. "The decision to partner with a private equity firm is one that our family members took very seriously. We are confident that Snow Phipps is the right partner for us given their consumer investing experience and its many resources available to bolster DecoPac's continued growth. We look forward to a successful partnership with Snow Phipps and I and several of my family members are excited to remain significant shareholders in the business."
DecoPac's current president, John Anderson, has been promoted to CEO. Snow Phipps operating partner Peter Shea will serve as the non-executive co-chairman of the board along with McGlynn.