US-based Surge Private Equity has closed an investment in Global Bakeries with the Firmament Group that provides tailored debt and equity capital solutions to small and medium-sized enterprises (SMEs).

Global Bakeries is engaged in the production of non-GMO bread products for grocery stores such as Trader Joe’s, bakeries and restaurants.

Surge Private Equity partner Tom Beauchamp said: “With 11-year weighted average customer tenure and dozens of different high-quality innovative and branded products, we see huge potential in Global Bakeries.

“We are eager to assist in taking Global Bakeries to the next level by continuing to expand our offerings into organic and gluten-free.”

“We look forward to expanding Global Bakeries’ reach while maintaining all of the ingredients that have successfully set the business apart.”

Surge noted that it has closed the deal with Firmament’s $15m financing facility, as well as through a portion of equity financing.

With the completion of the deal, Global Bakeries founder Albert Boyajian will retain equity and serve on the board of directors alongside Surge partners.

Firmament vice-president Lauren Steel said: “We are proud to serve as a financing partner for a long-standing leader in the baked goods market, with a reputation for high quality and taste that has been cultivated over the past four decades.

“The company is industry-renowned for its exceptional pita bread, bagels and croissants, and we look forward to expanding Global Bakeries’ reach while maintaining all of the ingredients that have successfully set the business apart from its peers.”