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Muffin Man Wouldn’t Throw In His Chips

January 01, 2003

All start-up companies face challenges, and Uncle Wally’s Company has had more than its share since its inception in 1995. The result seven years later is that Uncle Wally’s had turned the financial corner and is positioned for future growth.

Uncle Wally’s is the name sake of the founder, Wally Amos, who first made his mark in the food business selling cookies. The Company’s CEO & president, Lou Avignone, also has his roots in the food industry.

Originally, Uncle Wally’s was known as Uncle Noname. In 1999, the company changed the name to take advantage of Amos’ fame and reputation for quality products.

The company’s main assets these past years have been tenacity, consistency and a commitment to making quality-baked goods. Major supermarket chains and wholesale club stores throughout the country sell Uncle Wally’s Muffins.

The biggest challenge for Uncle Wally’s occurred in 1997, when the company filed for Chapter 11 relief. In June 2002, Uncle Wally’s made its final payments to creditors eight months earlier than the plan called for. They moved into a new, state-of-the-art, 43,000-square-foot bakery in Shirley, Long Island, in November 2001 and sales projections for 2002 approach $20 million.

“The real success of the financial re-engineering has been to get quality partners to see the vision and feel the passion that the Uncle Wally’s team thrives on every day,” says Michael Petrucelli, CFO. Uncle Wally’s has been looked upon favorably by the State of New York, which provided affordable debt financing for the new facility. The town of Brookhaven provided tax incentives, and JP Morgan Chase is the company’s primary source of funding. Greg Licalzi, Managing Director for Commerce Capital Markets, New York, says, “I feel fortunate to have worked with Uncle Wally’s. The company has exceeded its projections and lives up to all institutional investor expectations. We like their business model, their management team and commitment to quality, and look forward to assisting the company in its next phase of growth.”