PARIS — Global investment firm Eurazeo has completed a $25 million minority investment in Dewey’s Bakery, a Winston-Salem, NC-based cookie and cracker manufacturer.
Eurazeo Brands, the division of Eurazeo focused on differentiated consumer brands with global growth potential, is investing alongside Scott A. Livengood, chairman and majority owner of Dewey’s, and Michael P. Senackerib, incoming chief executive officer.
Founded in 1930, Dewey’s Bakery produces soft baked cookies, crisp cookie thins and savory crackers. The company offers custom-branded products for the largest food retailers in the United States and is an emerging national brand in natural, specialty and mainline grocery channels. The company also operates several retail bakeries in the Winston-Salem area with longstanding roots in the local community.
Mr. Livengood acquired Dewey’s Bakery in 2006 and further developed the company’s capabilities, growing the business across multiple channels, including Dewey’s branded cookies and crackers, owned retail bakeries, e-commerce, and private label manufacturing. Prior to acquiring Dewey’s, Mr. Livengood was with Krispy Kreme Doughnuts Inc. for 28 years, including 7 years as chairman, president and CEO.
As part of Eurazeo’s investment, Mr. Senackerib has joined Dewey’s as CEO. Mr. Senackerib has more than 30 years of experience in the food industry, most recently as co-founder and CEO of Farm & Oven Snacks, a maker of cookies, muffins and bakery bites. Prior to Farm & Oven Snacks, he was senior vice president of global brands, chief strategy officer and global chief marketing officer at Campbell Soup Co. Earlier he held senior executive and marketing roles at Nabisco, Kraft Foods and Campbell Soup.
“Dewey’s could not be more excited to partner with Eurazeo Brands and Mike Senackerib on this new chapter of growth for our company,” Mr. Livengood said. “Dewey’s has established a strong presence in both specialty food retailers and supermarkets across the country driven by our amazing products, capabilities and team. With access to Eurazeo’s deep resources and know-how, paired with Mike’s proven leadership working on some of the most iconic brands in F&B, we aim to become a leader in our category in the years ahead.”
Mr. Senackerib added, “I am thrilled to join Dewey’s and work alongside Scott Livengood and Eurazeo Brands on the company’s exciting journey. Scott and his team have created an exceptional product offering that is poised for continued success as consumers increasingly seek authentic brands with high quality ingredients and delicious flavors. I see tremendous opportunity for Dewey’s to break through as a stand-out brand rooted in a rich and authentic history.”
Eurazeo Brands said it plans to help Dewey’s accelerate and enhance its marketing activities and manufacturing capabilities in order to grow both its branded product business and support its longstanding private label division.
“We have followed Dewey’s success over the years and are delighted to partner with Scott and Mike to drive further growth,” said Jill Granoff, CEO of Eurazeo Brands. “We believe Dewey’s unique products, proven manufacturing capabilities, strong customer relationships, and leadership team are a recipe for continued momentum in a growing category.”
James A. Goldman, senior adviser to Eurazeo and a food and beverage executive, and George M. Birman, principal at Eurazeo Brands, will join Dewey’s board of directors.
Dewey’s marks Eurazeo Brands’ seventh investment since May 2017 and its third investment within food and beverage. Eurazeo has a diversified portfolio of €18.5 billion in assets under management, including €12.9 billion from third parties, invested in more than 430 companies.