Rise Baking Company Closes Two Minneapolis Facilities
The closure of the New French Bakery facilities results in the elimination of 166 positions in Minneapolis.
Updated on Oct. 30, 2026 in Openings & Closings
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Rise Baking Company is closing two New French Bakery facilities located on Kasota Avenue and 26th Avenue S in Minneapolis. The move follows the sale of the brand to Toronto-based FGF Brands and results in 166 job losses.
Why it matters
These closures mark a significant operational change following the divestment of the New French Bakery brand. The reduction in force reflects the ongoing restructuring of local manufacturing assets under new ownership.
The layoffs affect 166 employees across two facilities in Minneapolis. These cuts follow the brand sale finalized in September 2026.
The players
Rise Baking Company
A Minnesota-based bakery manufacturer recently acquired by private equity firms.
FGF Brands
A Toronto-based food company that purchased the New French Bakery brand from Rise Baking Company.
Platinum Equity
A private equity firm that participated in the $2.5 billion purchase of Rise Baking Company in 2024.
Butterfly
A private equity firm that co-invested in the acquisition of Rise Baking Company in 2024.
The details
Rise Baking Company informed Minnesota officials of the facility closures after selling the New French Bakery brand to FGF Brands. The transition impacts sites on Kasota Avenue and 26th Avenue S.
Timeline
New French Bakery began changing ownership in 2013.
Platinum Equity and Butterfly acquired Rise Baking Company in 2024.
Rise Baking Company sold the New French Bakery brand in September 2026.
Layoffs are scheduled to begin December 29, 2026.
Market Landscape
The closure follows the 2024 acquisition of Rise Baking Company by Platinum Equity and Butterfly for a potential $2.5 billion. This divestment reflects a broader consolidation trend as parent companies reorient their portfolios by shedding non-core assets to rival industry players.
Local employees affected by these closures are navigating the transition process ahead of the December 29 cutoff. Customers of the New French Bakery brand may see changes in distribution or availability as production shifts to new management.
The takeaway
Large-scale corporate acquisitions often trigger significant structural reorganizations and asset divestments. Employees and stakeholders should monitor official company communications for updates on how these transitions affect local operations.
Further reading
For more on local business activity, see the Minneapolis Openings & Closings section.
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