New York Investment Firm Purchases Bake Rite
Titus, Nancy Raiden, THE JOURNAL RECORD
Journal Record Staff Reporter
Bake Rite Foods of Oklahoma City was acquired Friday for more than $12 million by Ampton Investments Inc., a private investment firm based in New York City.
The company was sold by BankAmerica Ventures, a unit of BankAmerica Corp.
Ampton, owned by Everett Cook and Laurence Strenger, financed the purchase with $6.5 million in tax-exempt industrial revenue bonds issued by the Oklahoma Development Finance Authority and a $6.25 million line of credit provided by Congress Financial Corp.
The development authority was the conduit for the tax-exempt bonds, but the state was not obligated for the debt. The bonds were underwritten by Century Investment Group.
Other financing included a revolving line of credit from Liberty Bank and Trust Co. of Oklahoma City NA.
In conjunction with the Ampton purchase, Cook was named chairman and chief executive officer of Bake Rite Inc.
Cook was chairman of Tennessee-based Cook International Inc., which was at one time the world's largest cotton merchant and one of the world's largest grain merchants. Cook International also owned the pest control company Terminix International Inc.
Also joining the company was Charles Moffitt who became executive vice president and chief operating officer. He is a management consultant who has worked closely with Bake Rite for the past year.
Other management personnel at Bake Rite will remain in place, Cook said. …