FOR IMMEDIATE RELEASE
New investment secures thirty jobs
Pittsburgh, PA – Hollymead Capital Advisors announces the acquisition of the Tomanetti Food Products in Oakmont, PA. Tomanetti’s is a specialty bakery established in 1958 by Tom Mulvey and his family and continuously operated at its present site since 1971. The bakery is widely recognized for producing high quality pizza crusts and flat bread products that are widely used in restaurants, food services and pizza chains across the eastern United States.
“We are thrilled that Tomanetti’s will be our first acquisition in the by Hollymead Capital,” said Joe Bute, managing partner and founder of Hollymead Capital. “This is an exceptional business that makes great products and is poised for growth and development”, Bute remarked.
The Company provides par-baked and freshly baked products to well over 200 customers with a market that stretches from eastern Pennsylvania to the Mississippi. Customers as diverse as Kennywood Park, Fox’s Pizza and Atria’s use their products. Specialty crust frozen pizza currently account for 25.3% of total industry revenue. Pittsburgh has 9.9 pizza shops per 10,000 residents according to Omaha based InfoGroup Targeting Solutions.
“What we found was a well-managed, high quality bakery that was ready for fresh investment to sustain growth, said Bute. “Being able to continue employing a professional, long time work force makes this acquisition even more gratifying”, Bute continued.
‘The Mulvey family has operated the business to the highest standards since its founding and was looking for a responsible transition in ownership that would support the employees who have built this business” According to Kieran O’Dea, managing partner with Hollymead. O’Dea is also the new CFO of the company. “We were deeply appreciative they selected us for that task and we will not disappoint them or our co-workers and investors.” O’Dea continued.
Along with Bute and O’Dea, Jim Battaglia Operating Partner with Hollymead and owner of Resource Management Group will serve as the interim president during the transition. Jim is respected as a highly experienced operations specialist with decades of experience in improving operations and assisting in the transition of businesses both locally and nationally.
“We see the challenges of managing growth here but those will also become opportunities, both in creating more effective operations and in laying the groundwork for capital investment in new capacity for the company over the next years to come” Battaglia said.
“We believe Tomanetti’s will be a platform that we can build upon as we continue to look for opportunities in the local food space, said Bute. “Food and beverage manufacturers and branded food products continue to be our focus as we expand and build our portfolio”, Bute continued.
Hollymead assembled a team of investors with extensive experience and knowledge of the food industry and intends to build the business and grow employment. Expect further announcements in the year ahead as the plan for growth is developed.
Hollymead Capital Advisors was formed in 2015 to seek and develop established food businesses in the region. It is an extension of Hollymead Capital which was founded by Joe Bute in 2010 with a focus on food and related sectors.
About Joseph Bute
Joe has over forty years’ experience in both direct organization and business management as well as an investor in small and lower market businesses throughout the United States. He began his professional career as the Director of Community Services for the American Friends Service Committee in Chicago where he learned how to design and develop innovative programs that were responsive to the neighborhood challenges across the Midwest Region. During his tenure he developed programs to address public welfare reform, public education, criminal justice, rural economic development and youth employment. He was a senior manager for urban programs for the YMCA in both Chicago and Oakland, California; led one of the largest neighborhood organizations in Chicago and came to Pittsburgh to turnaround the largest community development corporation in the city.
He went on to engage in business assistance and development starting with developing a nationally recognizeddistressed business program for the state of Pennsylvania before joining with the first of three business investment companies – American Capital Strategies, Gladstone Capital and FNB Capital Partners. During his private sector investing career he evaluated well over 500 business opportunities, invested over $200 million in debt and equity and participated in the oversight of a twenty company portfolio during this period. He is a graduate of the University of San Francisco with an undergraduate degree in Public Management. He has lived and worked in the Pittsburgh area since 1989.