CHICAGO — Gold Standard Baking, North America’s largest manufacturer of croissants and a leading producer of dough-based sweet baked goods, announced that 37 Baking Holdings has agreed to acquire Gold Standard’s assets and continue its current operations in Chicago.
37 Baking Holdings was formed by a consortium of North American family offices to acquire the assets of Gold Standard Baking and provide the business with a base of long-term, permanent capital.
Gold Standard has sought customary relief from the court to ensure its operations proceed as usual. The croissant manufacturer seeks to consummate the sale promptly and will continue to satisfy customer orders, pay vendors and employ its workers. Since 2018, Gold Standard has continually improved operations and implemented key initiatives to improve performance, setting a strong foundation for future growth and the opportunity to sell the business.
“To navigate the changing economic climate, we have developed a plan that will unburden Gold Standard’s business of excessive debt and sell its assets to a new owner who will build on and continue our longstanding success in the baked goods industry,” said Haq Chaudary, president and CEO of Gold Standard. “We look forward to executing on this negotiated strategy swiftly and efficiently and continuing our business in its next chapter.”
