Nearly nine months after filing for bankruptcy protection, Awrey Bakeries Inc., Livonia, Mich., a family owned business since 1910, was acquired by Hilco Equity Partners L.P. and Monomoy Capital Partners. The new owners infused capital into the bakery and shuffled its management team.

Alden Knowles, a 30-year veteran of the food and marketing industries, was named Awrey's chief executive officer. Knowles has held senior management and turnaround positions at Bunge Foods' Bakery Division, Hazelwood Farms Bakeries and Quaker Oats. He will lead a six-person executive team that includes Tom Awrey, great grandson of the bakery's founders, and Mike Kaldorf, a 25-year industry veteran who most recently worked for Aurora Foods.

"Today starts a promising new chapter in Awrey's 95-year history," John Tomes, Hilco Equity's managing partner, said. "With its significantly improved financial structure and the strong support of its dedicated workforce that has helped Awrey's earn its outstanding reputation, we intend to work closely with management to enhance the company's quality reputation."

Awrey Bakeries was founded in 1910 by Fletcher and Elizabeth Awrey. The company produces and sells fresh and frozen bakery foods throughout the United States. The company's 130 products include Danish, pastries, muffins, donuts, biscuits, rolls, cakes, brownies and Marquise desserts.