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New Water Capital acquires Klosterman Baking Company

An affiliate of New Water Capital Partners II has acquired Cincinnati, Ohio-based Klosterman Baking Company Inc (Klosterman).

The Boca Raton-based private equity investment firm focused on lower-middle market companies, already has a presence in the manufactured foods sector, through investments in frozen foods developer The Perfect Bite Co and frozen foods manufacturer Pegasus Foods. New Water previously held fresh foods provider Custom Made Meals (CMM), which it acquired in 2017 and sold in May 2021, after expanding CMM’s US customer base from approximately 6,000 grocery retail locations to more than 15,000 retailer locations nationwide.

Founded in 1892 by members of the Klosterman family, Klosterman is a producer of fresh and frozen breads, buns, flatbreads, organic breads, artisan breads, donuts and other bakery products serving an extensive, well established national customer base of restaurants and other foodservice operators, grocery retailers and convenience stores, and institutional customers.

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