Pennant Foods, a member of the Fresh Start Bakeries family of companies, agreed to acquire parts of General Mills' frozen bread dough business. The agreed sale includes four manufacturing facilities scattered across the United States. Fresh Start Bakeries is a portfolio company of Lindsay Goldberg. Pennant Foods is a provider of bakery products to the retail and food service markets.
There have been 28 other bakery company investments made by private equity since 2004. Fresh Start Bakeries and financial sponsor Lindsay Goldberg have made two investments in the United States in that time frame. The platform acquired Pennant Foods in 2006, and in 2007 purchased Sweet Life Enterprises. Charterhouse Group also has been very active in the industry, making three add-on acquisitions to platform Charter Baking, which the firm formed in 2005.