Baking & Snack - December 2019 - 29

SPECIAL REPORT
The Bakery Cos.

just by the fact that we're able to call a customer back
quickly and have an answer," Mr. Maddox said. "You
have to believe that if they're calling you with a question, you're not the only one they're calling. Every call
is a legitimate opportunity. And Cordia's philosophy is
quickly respond to the customer and build a partnership
that both sides can enjoy."
The next long-lasting partnership - and instance
of rapid growth - happened earlier this year with the
announcement that Arbor Investments, a leader in food
private equity, along with industry veterans George and
Yianny Caparos, will recapitalize the company.
With this new alliance, The Bakery Cos. is expected
to grow through acquisition and new lines. "Growth
enables us to keep the leadership motivated and challenged and enables us to serve our growing customers,"
Ms. Harrington said.
Ms. Harrington noted that the entire process - from
the first discussions through due diligence to the formal announcement - took just 67 days. "When I met
Greg [Purcell] from Arbor, we were initially talking
philosophically about what the industry needs and how
quickly it needs it," Ms. Harrington recalled. "We were
perfectly aligned in what we believe needed to happen."
Mr. Purcell, Arbor's co-founder and CEO, called the
collaboration "a perfect fit."
The Caparos' relationship with Arbor Investments
dates back more than a decade. The brothers acquired
Gold Standard Baking, Chicago, from East Balt in 2002,
growing the business into a strong regional bakery.

"Cordia's philosophy is
quickly respond to the
customer and build a
partnership that both
sides can enjoy."
Marshall Maddox, The Bakery Cos.

In 2008, Arbor acquired a controlling interest in Gold
Standard and then sold the bakery to private equity firm
Parallel49 Equity (previously TriCor Pacific Capital)
in 2015.
And their friendship with Ms. Harrington goes back
even further. "My brother and I have known and admired Cordia for decades," said Yianny Caparos, who
will serve as president of The Bakery Cos. "We have tremendous respect for the business she has built and are
thrilled to collaborate and invest with her and her out-

(From left) Cordia Harrington,
Arbor Investments' Chris
Tuffin and industry veteran
Yianny Caparos scout land
for a future facility.

standing team. As we enter our third partnership with
Arbor, we're eager to continue growing The Bakery Cos.,
bringing new ideas and innovation to meet the everchanging needs of our customers."
According to Ms. Harrington, the recapitalization
and projected growth will not only meet today's rapidly
evolving consumer lifestyles and customer demands,
but it will also create solutions to the industry's shrinking workforce. "The bottom line is that you can't keep
people energized and you can't meet customers' changing needs without growing new capabilities and creating new opportunities for your talent," she said. "Just
look at Marshall. If we had been satisfied with where we
were five years ago, we could have done that ... there
was nothing wrong with where we were. But we had the
drive to do better, be better and do more, and that's what
attracted him. Marshall is top talent, and we couldn't
have attracted him if we were going to just stand still. It's
a lot more fun to grow."
With several milestones and unprecedented growth,
The Bakery Cos. is not just keeping up with change in
the industry. It's also setting the pace. "We all have the
ability to change the course, from the way we train people to the new products we can develop," Ms. Harrington
said at a recent American Bakers Association event.
"Our future - just the next 10 years - will bring incredible changes in our industry. Let's think big because
there is a bright, bold future ahead."
Editor's Note: Additional reporting by Eric Schroeder,
executive editor, Milling & Baking News, contributed to
this feature.

*

www.bakingandsnack.com / December 2019 Baking & Snack 29


http://www.bakingandsnack.com

Baking & Snack - December 2019

Table of Contents for the Digital Edition of Baking & Snack - December 2019

Baking & Snack - December 2019
Contents
Contents
Editorial - Change and the art of embracing the inevitable
Newsfront - BBU commits to 100% sustainable packaging
Organizational changes underway at Kraft Heinz
General Mills using data for product development
Flowers launching portfolio review, strategic changes
Innova Market Insights names top trends for 2020
Clay Miller named president of Burford Corp.
Fred D. Pfening Co. names new president
In Memoriam
In Memoriam/In Brief/People
Operations Executive of the Year - MARSHALL’S LAW
From baker to inventor in one patent
The Bakery Cos. - FASTER Than the Speed of Change
Fruits & Nuts - OPEN INVITE
Pulses - Pulses 101
SANITATION STRATEGIES - Plan Ahead
Bun /Roll Tech - Individuality Among UNIFORMITY
When is the right time to purchase a separate artisan line?
Sheeting/Laminating - Jack of All Trades
Simplifying changeovers for sanitation and maintenance
Metal Detection / X-Ray - LOOKING Right Through It
Line Layout - BAKE Smarter
Packaging Innovations - Brave NEW WORLD
INDUSTRY IMAGES - Smart COOKIES
Meeting Preview: ASB - UPGRADE FOR A NEW DECADE
Meeting Preview: SNAXPO - On Your Marks
Events
Featured Innovation Center
Ingredients & Formulating
Equipment & Packaging
Patents
New on the Shelf
MARKETPLACE
AD INDEX
Baking & Snack - December 2019 - Baking & Snack - December 2019
Baking & Snack - December 2019 - Baking & Snack - December 2019
Baking & Snack - December 2019 - 2
Baking & Snack - December 2019 - 3
Baking & Snack - December 2019 - 4
Baking & Snack - December 2019 - 5
Baking & Snack - December 2019 - 6
Baking & Snack - December 2019 - 7
Baking & Snack - December 2019 - 8
Baking & Snack - December 2019 - Contents
Baking & Snack - December 2019 - 10
Baking & Snack - December 2019 - Contents
Baking & Snack - December 2019 - Editorial - Change and the art of embracing the inevitable
Baking & Snack - December 2019 - 13
Baking & Snack - December 2019 - General Mills using data for product development
Baking & Snack - December 2019 - 15
Baking & Snack - December 2019 - In Memoriam
Baking & Snack - December 2019 - In Memoriam/In Brief/People
Baking & Snack - December 2019 - Operations Executive of the Year - MARSHALL’S LAW
Baking & Snack - December 2019 - 19
Baking & Snack - December 2019 - From baker to inventor in one patent
Baking & Snack - December 2019 - 21
Baking & Snack - December 2019 - 22
Baking & Snack - December 2019 - 23
Baking & Snack - December 2019 - 24
Baking & Snack - December 2019 - 25
Baking & Snack - December 2019 - 26
Baking & Snack - December 2019 - 27
Baking & Snack - December 2019 - The Bakery Cos. - FASTER Than the Speed of Change
Baking & Snack - December 2019 - 29
Baking & Snack - December 2019 - 30
Baking & Snack - December 2019 - Fruits & Nuts - OPEN INVITE
Baking & Snack - December 2019 - 32
Baking & Snack - December 2019 - 33
Baking & Snack - December 2019 - 34
Baking & Snack - December 2019 - Pulses - Pulses 101
Baking & Snack - December 2019 - 36
Baking & Snack - December 2019 - 37
Baking & Snack - December 2019 - 38
Baking & Snack - December 2019 - 39
Baking & Snack - December 2019 - 40
Baking & Snack - December 2019 - SANITATION STRATEGIES - Plan Ahead
Baking & Snack - December 2019 - 42
Baking & Snack - December 2019 - Bun /Roll Tech - Individuality Among UNIFORMITY
Baking & Snack - December 2019 - When is the right time to purchase a separate artisan line?
Baking & Snack - December 2019 - 45
Baking & Snack - December 2019 - 46
Baking & Snack - December 2019 - 47
Baking & Snack - December 2019 - 48
Baking & Snack - December 2019 - 49
Baking & Snack - December 2019 - 50
Baking & Snack - December 2019 - 51
Baking & Snack - December 2019 - 52
Baking & Snack - December 2019 - Sheeting/Laminating - Jack of All Trades
Baking & Snack - December 2019 - 54
Baking & Snack - December 2019 - 55
Baking & Snack - December 2019 - Simplifying changeovers for sanitation and maintenance
Baking & Snack - December 2019 - 57
Baking & Snack - December 2019 - 58
Baking & Snack - December 2019 - 59
Baking & Snack - December 2019 - 60
Baking & Snack - December 2019 - Metal Detection / X-Ray - LOOKING Right Through It
Baking & Snack - December 2019 - 62
Baking & Snack - December 2019 - 63
Baking & Snack - December 2019 - 64
Baking & Snack - December 2019 - Line Layout - BAKE Smarter
Baking & Snack - December 2019 - 66
Baking & Snack - December 2019 - 67
Baking & Snack - December 2019 - 68
Baking & Snack - December 2019 - Packaging Innovations - Brave NEW WORLD
Baking & Snack - December 2019 - 70
Baking & Snack - December 2019 - 71
Baking & Snack - December 2019 - 72
Baking & Snack - December 2019 - 73
Baking & Snack - December 2019 - 74
Baking & Snack - December 2019 - INDUSTRY IMAGES - Smart COOKIES
Baking & Snack - December 2019 - 76
Baking & Snack - December 2019 - 77
Baking & Snack - December 2019 - 78
Baking & Snack - December 2019 - Meeting Preview: ASB - UPGRADE FOR A NEW DECADE
Baking & Snack - December 2019 - 80
Baking & Snack - December 2019 - Meeting Preview: SNAXPO - On Your Marks
Baking & Snack - December 2019 - Events
Baking & Snack - December 2019 - 83
Baking & Snack - December 2019 - 84
Baking & Snack - December 2019 - 85
Baking & Snack - December 2019 - Featured Innovation Center
Baking & Snack - December 2019 - 87
Baking & Snack - December 2019 - Ingredients & Formulating
Baking & Snack - December 2019 - 89
Baking & Snack - December 2019 - Equipment & Packaging
Baking & Snack - December 2019 - 91
Baking & Snack - December 2019 - 92
Baking & Snack - December 2019 - 93
Baking & Snack - December 2019 - Patents
Baking & Snack - December 2019 - New on the Shelf
Baking & Snack - December 2019 - MARKETPLACE
Baking & Snack - December 2019 - 97
Baking & Snack - December 2019 - 98
Baking & Snack - December 2019 - 99
Baking & Snack - December 2019 - 100
Baking & Snack - December 2019 - 101
Baking & Snack - December 2019 - 102
Baking & Snack - December 2019 - 103
Baking & Snack - December 2019 - 104
Baking & Snack - December 2019 - AD INDEX
Baking & Snack - December 2019 - 106
Baking & Snack - December 2019 - 107
Baking & Snack - December 2019 - 108
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