Otis Spunkmeyer


Otis Spunkmeyer
Otis Spunkmeyer Inc.
Type Subsidiary
Industry Food processing
Founded 1977
Headquarters San Leandro, California, U.S.
Key people John S. Schiavo, President & CEO
Ahmad J. Hamade, Chief Financial Officer
Gerald P. Reardon, Executive Vice President
Products Muffins, Cookies
Employees 1,183 (2005)
Parent Aryzta
Website www.spunkmeyer.com

Otis Spunkmeyer Inc. is a baked goods distribution company widely known for its name and flagship line of muffins and cookies. Although a relatively small company, Otis Spunkmeyer has enjoyed a large amount of success in the industry, with clients ranging from small family-owned businesses and restaurants to worldwide military organizations such as the United States Army. In addition to its famous muffins and cookies, Otis Spunkmeyer also produces frozen cookie doughs and other pastries.

Despite common belief, the name Otis Spunkmeyer is not actually referring to any person. The name was a whimsical creation of the then 12-year-old daughter of the company's founder.

Business

In the year to 31 December 2005, revenue was $336m, EBITDA $48m, and operating profit $29.10. Tangible assets were about $50m= liabilities+stockholders equity From 2001 to 2005 sales grew at over 9% pa.[1]

History

Kenneth B. Rawlings, the founder of Otis Spunkmeyer, Inc., opened his first fresh-baked cookie store in Oakland, California in 1977. For the name of his business, Rawlings took the suggestion of his 12-year-old daughter, Kimberly, who made it up. By 1983, Rawlings had built the company into a thriving, fast growing chain with nearly two dozen stores. However, due to high overhead costs and the desire to reach a larger market, the company shifted its focus from retail to wholesale, creating a fresh-baked cookie program for other food service operators. The program included pre-portioned frozen cookie dough, a pre-set convection oven, and marketing materials. This innovative program allowed both big and small food service operators to sell fresh baked cookies (within 18 minutes) in their facilities. Today, Otis Spunkmeyer ready-to-bake cookie dough is the number one brand in the food service industry.[citation needed]

In 1987, the company began flying a pair of DC-3 aircraft emblazened with the company logo as a promotional vehicle.[2]

2002 saw a management buyout led by chief executive officer John Schiavo in association with the private equity firm of Code Hennessy & Simmons.

In September 2005, Otis Spunkmeyer acquired Levi Kunkel, Inc., a manufacturer and distributor of thaw-and-serve frozen cookie products for the food service market, doing business as Chippery. Chippery is based out of Austin, Texas and has a 97,000-square-foot (9,000 m2) manufacturing facility located there.

In November 2006, the company was sold to IAWS Group plc for $561 million.[1] IAWS already own Cuisine de France and La Brea Bakery. IAWS merged with Hiestand to form Aryzta in 2008.

References


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