A deal five years in the making has finally come to fruition.

Minneapolis-based restaurant operator Jester Concepts on Tuesday announced that it has acquired Rustica Bakery & Cafe. The deal includes the bakery’s two brick-and-mortar stores in Minneapolis and Edina, along with its wholesale operation.

Brent Frederick, owner of Jester Concepts, said he and Rustica owner Greg Hoyt had been in talks about the acquisition since 2019. It was almost a done deal, but then Covid-19 arrived.

“I actually had a purchase agreement in my inbox as the governor of Minnesota shut down the state,” Frederick said in an interview with TCB. At the time, both parties agreed to put the deal on hold.

Talks recently resumed, and on Nov. 1, Jester and Rustica officially closed on the deal, Frederick said. The companies declined to share the financial value of the transaction.

Hoyt will “remain involved in a consulting role during this transition,” according to a news release issued Tuesday.

Founded in 2004 by baker Steve Horton and Barbara Shaterian, Rustica had been under Hoyt’s ownership since 2015. Hoyt, who also co-founded Dogwood Coffee, went on to open a second Rustica inside Southdale in Edina, along with a short-lived cookie store in Mall of America.

Frederick and Hoyt first met through a peer group for consumer product goods. Frederick said he’s already thinking about opening new Rustica stores, though nothing’s been finalized yet. He also wants to grow the brand’s wholesale business. “They’re at about 40% of where they were on the wholesale front,” said Frederick. “Our goal would be to reinvigorate that part of the business.”

Though Jester has been running restaurants like Parlour, Borough, and P.S. Steak for years now, the cafe business is a relatively new endeavor. Several years ago, the company operated the Marché bar and cafe inside an Uptown Minneapolis apartment building, but that flipped into a Mexican restaurant concept before shutting down entirely.

Frederick said he has no plans to make big operational changes at Rustica. “We’re inheriting such a great product,” he said. “We’re starting on a good foot and inheriting some really good people,” including James Beard award-nominated executive pastry chef Shawn McKenzie.

For his part, Hoyt in a statement said he’s “thrilled” about the acquisition.

“I have known the [Jester] team for years and am confident they have a true understanding of quality, execution, and customer loyalty for this brand,” said Hoyt, who also runs Gather Venture Group, an investment firm targeting food and beverage companies. “I look forward to seeing where they will take it over the years to come.”