September 15, 2021

Willkie represented leading global credit specialist Bain Capital Credit in the transaction.

On September 14, Willkie client Bain Capital Credit, a leading global credit specialist, announced it has entered into a definitive agreement to acquire a majority stake in Bread Holdings, the parent company of GAIL’s Bakery and The Bread Factory, in partnership with EBITDA Investments, a food ecosystem fund backed by Henry McGovern and Steve Winegar.

Bain Capital Credit’s investment will support the group’s growth and ensure business continuity with key management, committed to the long-term success of the business, remaining in place. The current chairman, Luke Johnson, remains invested and on the board.

Bread Holdings is the holding company of the Bread Factory and GAIL's Artisan Bakery, a fast growing and critically acclaimed retail bakery and cafe. The bakery was started by Yael (Gail) Mejia in the early 1990’s serving top chefs and food venues. In 2003, Tom Molnar and a few friends joined Yael’s premium wholesale craft bakery and grew the business organically. Over the past ten years the business has grown to seventy three GAIL’s and serves premium grocery players, such as Harvey Nichols and Waitrose, as well as premium hospitality and restaurants.

Bain Capital Credit is a leading global credit specialist with approximately $48 billion in assets under management. Bain Capital Credit invests across the full spectrum of strategies, including leveraged loans, high-yield bonds, distressed debt and special situations, private lending, structured products, non-performing loans, and majority and minority equity stakes.

The London-based Willkie deal team was led by finance partner Ashley Young and corporate partners Gavin Gordon and Andrew Gray, and included associates Komal Raina, Vanessa Tse, Megan Gairns and Chloe Szczerbiak.