Schwebel’s workers stay put under new property ownership
The Schwebel’s Baking Co. will continue the business of baking bread following a $6,250,000 transaction involving its two East Midlothian properties.
The Mahoning County Auditor’s Office reported the Dec. 22 sale-leaseback on Monday.
“No changes,” said Joe DiGennaro, an associate with Chicago-based Stream Capital Partners who was involved in the sale. “It’ll still be a bakery.
“They’re not going anywhere. … There was no transition of ownership. It’s still a privately held business.”
County records show a mortgage of $4,250,000 and cash disbursement of $2 million. The two parcels — 935 and 965 E. Midlothian Blvd. — consist of the bread-making plant and a separate structure housing management and human resources.
A call to Schwebel’s seeking comment was not returned.
DiGennaro said he could not disclose who the new owners are. County paperwork lists SYOHB LLC of Glen Cove, N.Y., assuming ownership.
According to the Ohio Secretary of State’s website, SYOHB was formed on Nov. 25.
Schwebel’s filed articles of incorporation on Aug. 20, 1931, according to the state. Its main office was located on the East Side of Youngstown, near Wilson Avenue.
The corporation originally issued 250 shares of stock at $100 per share and began its business with $10,000 in capital. The company’s original officers were Dora Schwebel, Samuel Schwebel, Irving Schwebel and Fred Goldberg.
In other notable county property transactions released Monday, Total Generation Services of Bayshore Drive, Columbiana, purchased 14 vacant lots on Glenwood Avenue, Lake Milton, for $70,000 from S&J Rentals LTD.
A four-bedroom home in Boardman’s Bristol Park Estates, north of West Western Reserve Road, sold on Monday for $575,000.
