After 130 years, Klosterman Baking Co. sold to Florida-based investment group
Klosterman Baking Co., a family-owned bakery headquartered in Cincinnati's Bond Hill neighborhood, has been sold.
An affiliate of New Water Capital Partners II LP, a Boca Raton, Florida-based private equity investment firm, acquired the company earlier this month, according to a press release.
Details were not disclosed.
The sale brings to an end more than four generations of family ownership of one of the largest privately owned bakeries in the Midwest.
Klosterman Baking
Founded in 1892, the bakery supplies bread, rolls and a variety of other bakery items to more than 4,000 restaurants, grocery stores, hospitals and schools in Ohio, Kentucky and Indiana.
More: Here's the list of the 100 largest privately held companies in the Cincinnati region
The company operates 17 bakeries and distribution facilities across eight Midwest states. It had 800 employees and revenues of more than $175 million in 2020, ranking it 63rd on the Deloitte Cincinnati 100 list of the largest privately held companies based in the Cincinnati region.
New Water's investment will help the company expand nationally.
"Through our partnership with management, Klosterman will look to expand the company's product portfolio and geographic distribution footprint to better serve our growing customer base,'' New Water Vice President Nick LaRosa said in a statement.
Klosterman's headquarters and operations will remain in the Cincinnati area, according to the press release.
"New Water has a proven record of success in recognizing and building on the strengths of their partner companies to help them reach the next level of growth and success," stated Klosterman President Chip Klosterman. "Their respect for the positive company culture Klosterman has nurtured over the past 130 years made them the preferred partner to take our company into the future."
This article originally appeared on Cincinnati Enquirer: Who bought the Cincinnati bakery Klosterman Baking Co?
