H-Food Holdings LLC and certain of its affiliates (Hearthside Food Solutions), a contract manufacturer of baked goods, frozen and refrigerated foods as well as sweet and salty snacks and nutrition bars, has completed its financial restructuring and emerged from Chapter 11 bankruptcy as Maker’s Pride LLC following approval of Hearthside’s Plan of Reorganization. Now with a stronger financial foundation and streamlined operations, the re-branded company announced on March 31 that it is well-positioned for the next phase of growth and innovation in the food manufacturing industry.
“The swift completion of our financial restructuring process marks a pivotal moment for our company and is a testament to the dedication of our valued team members and committed support of our customers and financial partners,” said Darlene Nicosia, chief executive officer of Maker’s Pride. “With a healthy balance sheet and additional capital to achieve our goals, we are well-equipped to continue serving our customers with excellence.”
Through its financial restructuring, the company eliminated approximately $2 billion of funded debt, substantially reducing interest expense and positioning the business for significant long-term growth. In addition, Maker’s Pride is emerging with approximately $600 million of liquidity, including $200 million of new money through an Equity Rights Offering and approximately $190 million of additional capital from a new asset backed loan facility.
The company is now moving forward as a well-capitalized enterprise under the majority ownership of a group of its existing lenders, including funds managed by Apollo and Oaktree Capital Management.
“Maker’s Pride is entering an exciting new chapter of innovation and growth,” said Brian Driscoll, chairman of the board. “With a strong foundation, passionate customers, and a talented team, it has a promising future ahead, and I look forward to working with Darlene and the rest of the leadership team to expand and enhance the company’s impact in the food manufacturing industry.”
Headquartered in Downers Grove, Illinois, the company is the largest contract manufacturer of food products in the USA. Operating from a production network of 27 facilities, it provides food packaging services for many of the world’s premier brands and is the largest private bakery in the industry.
