Eurazeo invests $25m in Dewey’s Bakery

The French investor has taken a minority stake in the US clean label cookie and cracker company

Eurazeo has completed a $25 million minority investment in Dewey’s Bakery, a clean label cookie and cracker manufacturer based in Winston-Salem, North Carolina.

Eurazeo Brands, the division of Eurazeo focused on differentiated consumer brands with global growth potential, is investing alongside chairman and majority owner Scott Livengood, and incoming chief executive Mike Senackerib, who joins Dewey’s Bakery as part of Eurazeo’s investment.

This transaction marks Eurazeo Brands’ seventh investment since May 2017 and its third investment within food and beverage.

Livengood commented: “Dewey’s could not be more excited to partner with Eurazeo Brands and Mike Senackerib on this new chapter of growth for our company. 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.”

Founded in 1930, Dewey’s Bakery produces premium soft-baked cookies, crisp cookie thins, and savoury crackers.

A well-establish private label partner, Dewey’s manufactures products for the largest food retailers in the US. The company is becoming an emerging national brand in natural, speciality, and mainline grocery channels.

Dewey’s also operates several retail bakeries in the Winston-Salem area with longstanding roots in the local community.

Management team

Senackerib is a seasoned food and beverage executive and brings deep category operating expertise to Dewey’s as chief executive.

He has 30-plus years of experience across a wide array of successful brands, including senior executive and marketing roles at Nabisco (Mondelez), Kraft Foods, and Campbell Soup.

At Nabisco, Senackerib served as senior vice president and general manager of Nabisco’s portfolio of cookie and cracker brands, including Oreo’s, Ritz, Wheat Thins, Triscuit, and others.

Most recently, Senackerib was co-founder of the food start-up Farm & Oven Snacks.

“I am thrilled to join Dewey’s and work alongside Scott Livengood and Eurazeo Brands on the company’s exciting journey,” said Senackerib. “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.”

Growth plans

Leveraging its proven brand building, operating, and consumer expertise, Eurazeo Brands will partner with Dewey’s to accelerate and enhance its marketing activities and manufacturing capabilities to grow both its branded product business and support its longstanding private label division.

Jill Granoff, chief executive of Eurazeo Brands, said the company has followed Dewey’s success over the years and the team is delighted to partner with Livengood and Senackerib to drive further growth.

“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,” said Granoff.

Jim Goldman, senior advisor to Eurazeo and a seasoned food and beverage executive, and George Birman, principal at Eurazeo Brands, will join Dewey’s board of directors.