Hearthside Completes Financial Restructuring and Unveils New Maker’s Pride Brand Identity

Moves Forward with Significantly Stronger Capital Structure Through Elimination of $2B of Debt and Infusion of New Capital

Launches Rebrand to Maker’s Pride, Reflecting Company’s Commitment to Growth, Innovation, and Making Exceptional Food

DOWNERS GROVE, Ill.–(BUSINESS WIRE)–H-Food Holdings LLC and certain of its affiliates (“Hearthside”), a leading food contract manufacturer, today announced that it has completed its financial restructuring and emerged from Chapter 11 as Maker’s Pride LLC (“Maker’s Pride” or the “Company”) following approval of Hearthside’s Plan of Reorganization on March 11, 2025. With a stronger financial foundation and streamlined operations, Maker’s Pride is well-positioned for its next phase of growth, innovation, and leadership in the food manufacturing industry.

“The swift completion of our financial restructuring process marks a pivotal moment for our company and is a testament to the dedication of our valued team members and committed support of our customers and financial partners,” said Darlene Nicosia, Chief Executive Officer of Maker’s Pride. “With a healthy balance sheet and additional capital to achieve our goals, we are well-equipped to continue serving our customers with excellence. We are thrilled to memorialize this milestone with a new future-facing brand name and identity, Maker’s Pride, that conveys craftsmanship and authenticity, reflecting the personal pride we have in our products and our unwavering commitment to quality and safety.”

Through its financial restructuring, the Company eliminated approximately $2 billion of funded debt, substantially reducing interest expense and positioning the business for significant long-term growth. In addition, Maker’s Pride is emerging with approximately $600 million of liquidity, including $200 million of new money through an Equity Rights Offering and approximately $190 million of additional capital from a new asset backed loan facility. Maker’s Pride moves forward as a well-capitalized company under the majority ownership of a group of its existing lenders, including funds managed by Apollo and Oaktree Capital Management, L.P.

“Maker’s Pride is entering an exciting new chapter of innovation and growth,” said Brian Driscoll, Chairman of the Board. “With a strong foundation, passionate customers, and a talented team, Maker’s Pride has a promising future ahead, and I look forward to working with Darlene and the rest of the leadership team to expand and enhance the Company’s impact in the food manufacturing industry.”

Advisors

Ropes & Gray LLP and Porter Hedges LLP are serving as legal advisors, Evercore Group L.L.C. is serving as investment banker, Alvarez & Marsal is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to the Company. Gibson, Dunn & Crutcher LLP served as legal advisor and PJT Partners served as investment banker to the existing lender group comprising the new majority ownership of the Company.

About Maker’s Pride

Maker’s Pride is the leading contract manufacturer and producer of convenience foods, including baked, refrigerated, and frozen foods, sweet and salty snacks and nutrition bars. The Company serves as a full-service provider of food packaging services for many of the world’s premier brands and is the largest private bakery in the industry. Headquartered in Downers Grove, Illinois, Maker’s Pride’s production network includes 27 facilities, powered by a skilled and dedicated workforce. For more information on Maker’s Pride, please visit www.makerspride.com.

Contacts

Media 
C Street Advisory Group
makerspride@thecstreet.com