Case Studies

Monomoy businesses span every sector, from manufacturing to distribution to consumer products. We currently operate a portfolio of companies ranging from a commercial bakery to a glassware manufacturer to a women’s apparel business.

What they have in common are three basic qualities that guide every Monomoy investment:

  • They deserve to exist — they maintain a significant market position.
  • They face challenges we can identify and fix.
  • They give us the opportunity to create value.  

Take a look at these case studies and see how Monomoy portfolio companies are finding new ways to prosper.

Since 1910, when Elizabeth Awrey turned to her wood-fired oven to make some extra money, Awrey home-baked breads and pastries have been part of the American landscape. From modest beginnings delivering baked goods from a Model T, the Awrey family oversaw decades of growth that even the Great Depression couldn't stop. Today, Awrey Bakeries is one of the leading producers of frozen baked goods for the U.S. food service trade, used by restaurants, hotels, schools, hospitals and other institutional customers. Awrey products are efficiently mass produced, but each recipe maintains the baked-from-scratch taste that earned Awrey's the title America's Hometown Bakery.

Monomoy bought Awrey out of bankruptcy in 2006. We reduced expenses by $5 million in the first twelve months, managed through the largest increase in commodity costs in history, and were able to return capital to investors by early 2007. A second round of restructuring improved annual EBITDA by over $3 million, reduced working capital by over $2 million and paid down $3 million of debt. In 2009, under Monomoy ownership, the acquisition of Atkins Elegant Desserts is expected to add $2 to $3 million of annual profit-and Awrey will see its best year ever.

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Since the turn of the last century, from its beginnings as a small glass company, the Anchor Hocking Company has become synonymous with glassware. Anchor is one of America's oldest glass-making companies, and the second-largest supplier of glassware in the country. Anchor manufactures all its products in the United States-everything from beverageware to candle containers and lighting components for its own brands and for private labels-and markets them around the world.

Monomoy bought Anchor out of bankruptcy in 2007, negotiating revised agreements with critical suppliers, IT providers, major customers, existing creditors and all seven labor unions in just 32 days. We reduced annual operating expenses by $15 million in our first 18 months of ownership, and two strategic acquisitions have enabled us to launch a new product line of houseware accessories. Monomoy has taken Anchor from near zero profitability to 10% EBITDA margins in two years, and the company is well-positioned to enjoy substantial growth over the next 18 months.