Newark, New Jersey - November 21, 2003 - Portuguese Baking Company, L.P. ("PBC") issued subordinated notes and preferred stock to Sankaty Advisors, LLC ("Sankaty") and refinanced its existing senior facility with new capital from U.S. Bancorp ("U.S. Bancorp"). PBC is a leading wholesale commercial baker of fresh and partially-baked Portuguese breads, rolls, and pastries, supplying its distinctive, branded bakery products to retailers and foodservice establishments throughout the United States. PBC is owned by Bradford Equities Management, L.L.C. ("Bradford"), a private equity firm dedicated to investing in and building high-quality middle-market companies in partnership with management. Since 1974, Bradford and its affiliates have acquired more than 125 companies with sales in excess of $3.5 billion and whose total transaction values have exceeded $1.5 billion.

Sankaty, the fixed income affiliate of Bain Capital, LLC, is one of the nation's leading private managers of high yield debt obligations. With over $7 billion of committed capital, Sankaty invests in a wide variety of securities, including leveraged loans, high-yield bonds, distressed debt, mezzanine debt, convertible bonds, structured products and equity investments. Through a variety of funds, Sankaty has the ability to invest in a company's capital structure at every level from secured debt to equity, and can also provide capital to growing companies with unique financing needs.

U.S. Bancorp, with assets in excess of $182 billion, is the 8th largest financial services holding company in the United States. U.S. Bancorp operates over 2,000 banking offices and more than 4,500 ATMs in 24 states, and provide a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions.

Duff & Phelps, LLC, a Chicago-based investment banking and financial advisory firm, arranged for the private placement of securities, assisted in negotiations, and served as the exclusive financial advisor to Bradford Equities and PBC.