Rustic Crust Forced To Shutter Its Doors By Bank

HOOKSETT, N.H. - Aug. 19, 2024 - PRLog -- RUSTIC CRUST FORCED TO SHUTTER ITS PATENTED PRIVATE LABEL AND BRANDED PIZZA MANFACTURING FACILITY

[Pittsfield, NH August 19, 2024] – Rustic Crust ("Ever Better Eating"), a leading manufacturer of a private label proprietary process for manufacturing deep dish, frozen and shelf stable pizzas serving the US market since 1996 has been forced to close its doors today.  Unfortunately, the private equity owner was unable to continue to fund the business and both lenders, local New Hampshire Bank, Walden Mutual Bank and national equipment lender, PMC Global, Inc were not able to accept the terms from two leading private equity groups attempting to save the business in the last ten days.  Rustic Crust has been a stalwart private label manufacturer delivering it's unique and proprietary multi-SKU offerings to the retail grocery, big box as well as co-packing for leading national food service marketers.  In its heyday, the business boasted sales over $50MM, including a licensed brand, American Flatbread 10" and 12" frozen pizzas, and Rustic Crust shelf stable lines. These brands were once found major regional chains such as; Whole Foods, Market Basket, Hannaford, Stop N' Shop, and Publix.  However, the Pittsfield, NH factory burned down in 2014, and the founder had to rebuild the entire business from scratch with his own hands and a small team cobbled together from the community.  Later, the business took on private equity funding and completed a second facility to grow its private label business and bifurcate the branded offerings from its growing co-packing business.  The Company got overextended and had liquidity problems in 2022-2023 based on "expanding to fast increasing overhead to fulfill projected retailer commitments" that did not materialize.  Unfortunately, the Company has not recovered but is seeking support from its lenders, and outside investors to restart its core private label division in one plant. Thus far, the bank and equipment lender have not shown any interest in negotiating with new equity partners and appear willing to allow this major regional employer to liquidate.

Neither Walden Bank nor PMC officials have commented, and the Company is still actively looking for last minute investors.