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What the private equity takeover means for the bagel industry
The bagel’s stock is, apparently, rising — literally.
Private equity investors have decided, apparently en masse, that bagels are the new frontier for expansion.
A fund called Stripe invested $8 million into PopUp Bagels shortly after the trendy bagel shop, which hawks “rip and dip” bagels, first opened in 2023. A year later, they added $24 million to their contribution and became the majority owner. Now, PopUp Bagels boasts 30 locations.
Invus, an asset management fund, is now the majority owner of Call Your Mother, which began in D.C. but has expanded to 15 locations across the D.C. metro area and, for some reason, Denver. And Manhattan Funds, a large private equity firm, has a specific Bagel Equity Fund devoted to taking over bagelries. The industry is, they write on their site, “under-optimized at the national level.”
Even H&H Bagels, the iconic New York City institution — famed for its cameos in shows like Seinfeld and Sex in the City — has gotten shoveled onto private equity’s giant bagel baking tray. Though Wall Street investor Jay Rushin bought the brand over a decade ago, H&H, too, is beginning its boom era, opening dozens franchises outside of the city.
It’s time, these investment firms all contend, to scale bagels. But can the art of the perfect New York bagel be scaled?
Making the New York bagel in bulk is famously hard. The rings are finicky to roll out, they require boiling, and — perhaps most importantly — the long mythos to the New York bagel has at its core the premise that New York bagels cannot be made without New York water.
Many connoisseurs believe there is an alchemical process to the sought-after chew and crust only achievable with the particular water flowing in the city’s pipes, cascading down from the Catskill reservoirs almost unadulterated. Food science has somewhat debunked that concept, but the legend remains so strong that H&H is promising to par-boil its bagels in NYC water before shipping them to its new franchise locations to be finished in the oven. Even if it’s only marketing, that marketing is powerful.
This is far from the first time that companies have attempted to scale the bagel. In fact, it has worked, in a way: “bagels” can be found, at mass scale, in every major grocery store in the country, offered in plastic sleeves of a half-dozen.
The problem is that those bagels are gross. They’re made by machine, and steamed instead of boiled, which gives a glossy surface, yes, but none of the chew of a true boiled crust. The grocery store bagels are convenient and shelf-stable, sure, but they’re the Wonder Bread of the form: mushy and milquetoast. They have none of the hallmarks of a true bagel.
It’s possible that the private equity masterminds have landed on a secret to scaling the bagel without eventually reducing it to a wan grocery store offering. The results of the Wall Street takeover of the form are still emerging, and the business model could be dependent — at least at first — on devising the perfect product, and not just a passable one.
It just seems unlikely. The investment firms are built around, well, investors, not consumers. Their goal is producing equity and capital for their investors, not making the perfect bagel.
The term “enshittification,” coined by writer Cory Doctorow, has been around for a few years. It describes exactly what it sounds like — the phenomenon of everything growing, uh, worse. Specifically, it describes the way that large companies, often funded by venture capital and private investors, make their products worse over time in the process of wringing money out of the business to serve their CEOs and investors.
Doctorow, in his book on the subject, Enshittification, focuses largely on tech platforms as he examines the term. There’s Amazon: Long gone are the days of a well-priced product you could find more easily online than in a store. Now, search results are polluted by whatever someone has paid to boost to the top of the page, and it’s not even that cheap anymore. Or Twitter, which once bought by Elon Musk, fired its content moderation team to cut costs and turned its user verification, which was once limited to public figures, into a pay-to-play feature. As a result, the platform may have more income streams, but any regular user can attest that their feed is now full of neo-Nazis who shelled out for an algorithmic boost.
But it’s not just platforms — culture and aesthetics are targets for cash extraction now, too, with bad results. Netflix now churns out a constant stream of shows that are, instead of cultural touchstones, basically interchangeable, a far cry from their acclaimed early efforts like Orange is the New Black. Clothing brands like Reformation and even high-end designers like Escala, once symbols of luxury, taste and quality, are turning to lower quality materials and production in an attempt to churn out more designs, faster, and make more money. I’m trying to buy a couch right now, and have found through my research that age-old companies once lauded for their design and durability have been bought by private equity and changed their frames from hardwoods to particle board. (That information took a lot of research because you know what else has fallen prey to enshittification? Review sites.)
That means, regardless of whether these bought-out businesses have suffered yet, bagels are likely to fare poorly in the private equity boom eventually because of the need to extract increasing amounts of cash out of the project; the product itself is ultimately secondary. The Bagel Equity Fund is running trials on steaming their bagels instead of boiling them in its projected 400 shops it runs, the exact strategy that led to the mushy grocery store bagel. And a Washington Post review for the hyped new H&H location in D.C. was brutal, calling the bagels “generally unappealing” and “flavorless.”
But the bagel itself is only part of the mystique of the food. Which brings me to the more spiritual offerings of a good bagel: an ephemeral cultural cachet. That may be at even greater risk.
Having a favorite bagel shop or loudly defending your bagel order as the only possible correct way to eat a bagel — untoasted, scallion schmear, with capers, red onion and lox, and anything else is heresy, thank you for asking — makes you a real New Yorker. Or, if you don’t live in New York, it’s the mark of a devout cultural (and maybe religious) Jew.
Other, earlier attempts to innovate on the theme, and make it trendier and more lucrative, were all one-and-done fads that eventually crashed and burned, becoming a kind of scarlet letter of cringe. (Remember the vanilla-flavored rainbow bagels that were all over social media in the 2010s? They came with funfetti cream cheese. Disgusting, and also deeply uncool.)
Bagel shops are not just places that produce chewy bread with a hole in the center. They have a cultural value. Each is often unique, with its own set of delightful quirks — the place selling Lactaid loosies behind the counter, the brusque man who nevertheless remembers your order. They’re a symbol of uniqueness and authenticity — which, of course, is definitionally impossible to buy. The more constructed something is, the less authentic.
Yet that’s really what the private equity investors are trying to monetize: the idea of a bagel. If it didn’t have that symbolic power, it wouldn’t be a particularly interesting business, given how difficult the baking is to scale well.
The Bagel Equity Fund describes its target market as “fragmented, inconsistent, and devoid of a dominant brand.” But isn’t that the charm of your local bagel place? Not to those investors, which promise to rebrand every store they take over as “Go Bagels,” likely alienating the exact “strong customer bases and community presence” at the stores they aim to acquire.
Bagels have long been a metonym both for New York and for Jewishness. See: the phrase “pizza bagel,” describing people of mixed Italian and Jewish heritage. Good bagels inspire poetic food reviews — and literal poetry — but also lengthy cultural takes. There are dissertations on its history — and I don’t mean that as a kind of humorous exaggeration, I mean actual papers filed to receive a doctorate.
They were also core to unionization of American workers. The Beigel Bakers Local, which conducted its meetings in Yiddish, led strikes over pay and conditions, and standardized the bagel’s form into the icon we all know. That union was so powerful that its members put the city, during strikes, into what is memorialized as a “bagel famine” — a near-emergency for the city’s devoted consumers. The bagel and its attendant culture is a product of the blood, sweat and tears of New York City’s Jewish workers.
The union was ultimately undone by the mechanized mass production of grocery store bagels — an inferior product, yes, but one accessible at a mass scale, exactly what private equity is attempting to reproduce. The fact that a paltry imitation of a bagel still had enough financial power to destroy a once-powerful union is also worrying. People in cities other than New York — cities, that is to say, with a poor selection of bagels — will probably eat the sub-par private equity bagels, because there’s no other option, a key element of enshittification, as Doctorow observes.
But once the big conglomerates have the power, will they be so strong that the bagels they produce take over even on the bagel’s home turf? Will they exterminate the original New York bagel, and with it, its cultural history?
I don’t want to overstate the symbolic power of private equity buying the bagel brand. But at a time when antisemitism is rising, and Jews are increasingly being accused of, once again, greed, malicious control and undue influence, it certainly can’t help. If the bagel represents Jews, and the bagel has sold out, well, that’s a bad look.
But the real deal can still shine through the enshittification haze. “I just stayed in Brooklyn for the first time and felt so alive surrounded by all those bagel shops!” wrote one user on Reddit. They were there to complain — about Denver’s newest private equity bagel. Clearly, the New York bagel’s brand remains strong, even to outsiders.
The post What the private equity takeover means for the bagel industry appeared first on The Forward.
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Argentina’s Jewish gauchos museum vows to stay open amid leadership feud
(JTA) — BUENOS AIRES – A museum dedicated to the history of Argentinian Jewish ranchers, farmers and the cowboys known as gauchos remains open and operating despite months of tension between its former director and the local government, the head of the Entre Ríos Jewish community confirmed to the Jewish Telegraphic Agency,
The Villa Domínguez Jewish Museum about the Jewish Colonies drew international attention late last year after visitors reported water damage affecting walls, documents and historical objects. The concerns arose months after the resignation of Osvaldo Quiroga, the local historian who had led the museum for nearly 40 years and was widely associated with its preservation.
In an interview, community head Marina Garber acknowledged the tensions that led to Quiroga’s resignation in January 2025, and that since then a successor has not been named.
“We are resolving the situation with an agreement in which the building belongs to the municipality, while the Jewish community is in charge of safeguarding the objects. The museum is still operating,” Garber told JTA, and the partnership between the local municipality and Jewish community would continue.
Villa Domínguez is a rural town of around 2,000 inhabitants located 225 miles north of Buenos Aires, where international tourism centered on the country’s earliest Jewish agricultural colonies brings considerable visibility to the area.
The fate of the museum matters far beyond Villa Domínguez’s nine remaining Jews. The Jewish agricultural colonies of Entre Ríos are a defining chapter in Argentine Jewish history, tracing how immigrants from Eastern Europe built new lives as farmers and gauchos. Its future is a test of whether a legacy that belongs to Argentine Jewry as a whole can be safeguarded.
Although its director was a municipal employee, the museum itself belongs to the Jewish community. This hybrid arrangement, with no clear responsibilities divided between the two, created tensions when the images of damage were spread online. Suggestions that the Jewish museum had fallen into a state of neglect circulated online as far as Europe.
According to some sources, tensions appear to stem from a combination of the government’s limited attention to the site and the apparent resentment by some government officials that Quiroga had received inordinate media attention.
The Jewish colonies of Entre Ríos, established in the late 1890s by Jewish immigrants mostly from Eastern Europe, represent one of the largest waves of Jewish agricultural settlement in the Americas.
The Jewish Colonies Museum was founded in October 1985 to safeguard the region’s documentary and material heritage. Since 1996, it has been housed in the town’s former pharmacy building.
The museum attracts Argentine and international visitors interested in the stories of the Jewish gauchos — the immigrants who blended their Jewish and Eastern European roots with Argentine ranching culture. Heritage tours, family-history trips, academic researchers and Jewish community groups contribute to a steady flow of visitors exploring the landscapes where the Jewish gauchos built their rural lives, a journey that began more than a century ago.
For the descendants of the gauchos — many now scattered across Argentina, Israel and beyond — the institution serves as a touchstone for genealogical research and family history. Its stability is also of concern to Jewish communal organizations and Argentine officials who have promoted the Jewish colonies circuit as a pillar of religious and cultural tourism in the province.
The first ship carrying Jewish immigrants from Europe to Argentina, the SS Weser, arrived in 1889 after sailing from Hamburg to Buenos Aires. Its arrival inspired Baron Maurice de Hirsch, a German Jewish financier and philanthropist, to recognize the potential of agricultural migration and, in 1891, to create the Jewish Colonization Association (JCA) to institutionalize, fund and organize the colonies.
A tourist trail linking the various Jewish settlements has been operating for more than 20 years, made up of four communities: Basavilbaso, Villa Domínguez, Villa Clara and Villaguay. Two- and three-day tours of the area’s main Jewish sites include visits to synagogues, cemeteries, cooperatives, and local museums. Villa Clara — or simply Clara — is a small town founded in 1892 and named after Hirsch’s wife. Its Jewish museum is located inside an old railway station. Another settlement, Lucienville, is named after the couple’s son, Lucien.
The last agricultural colony founded in Entre Ríos by the JCA is Colonia Avigdor, visited regularly by students of Fundación Judaica, a major Buenos Aires network of schools and synagogues, which brings groups there for educational programs, supports local schools, and works on community development.
The national government includes the tourist trail as part of a religious tourism program, and the Buenos Aires Jewish center AMIA has a site dedicated to the colonies’ history in Entre Rios, including Villa Domínguez.
The national government and some local municipalities also include the Jewish colonies among their cultural offerings.
According to Pablo Soskin, the representative in Entre Ríos of the Argentine Jewish political umbrella organization DAIA, the museum’s director stepped down on Jan. 24, but municipal officials initially declined to accept his resignation. He subsequently took an extended leave to use up a large balance of accrued vacation days, with the municipality’s approval. When that time ran out, he was reassigned within the museum to a different, non-directorial role. The director position has remained vacant since then.
“We maintain a close relationship with the government, which has expressed its commitment to making the museum and the Jewish circuit part of the province’s tourist attractions for locals and foreigners,” Soskin told JTA. “We will continue to coordinate community, public, and private mechanisms to ensure the preservation of our heritage sites.
“This is key to understanding the contributions that the Jewish community has made to Argentina,” he added.
This article originally appeared on JTA.org.
The post Argentina’s Jewish gauchos museum vows to stay open amid leadership feud appeared first on The Forward.
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Israeli police arrest suspects in Washington Post journalist attack
(JTA) — JERUSALEM – Israel Police arrested 10 people on Monday on suspicion of involvement in violent acts over the weekend against journalists, foreign diplomats and Palestinians in the West Bank during the annual olive harvest.
The arrests came after international condemnation of the attacks, including by U.S. Ambassador to Israel Mike Huckabee, who is generally supportive of the current Israeli government. Prime Minister Benjamin Netanyahu has insisted it is just a handful of individuals and not representative of Israelis who live in the West Bank settlements.
“Following reports of acts of violence over the weekend, including the suspected assault of a foreign journalist and the suspected assault of foreign diplomats, the Judea and Samaria District and the Israel Security Agency (ISA) carried out a pre-dawn arrest operation as part of the ongoing investigation,” the police said in a statement, referring to the West Bank by its biblical name.
The statement said the suspects were arrested during a special pre-dawn operation conducted by the district’s Central Investigations Unit and transferred to police stations in the area for questioning.
“Following questioning, and subject to the findings of the investigation, they will be brought before a court for a hearing,” the police statement said.
The arrests come after Heidi Levine, a veteran photojournalist for The Washington Post, was attacked on Friday while photographing Palestinians harvesting their olive trees in the West Bank, an annual event that often sees violent clashes between Palestinian farmers and Israeli settlers who have increasingly moved into the same areas.
Video footage from the scene shows a group of masked settlers surrounding and attacking Levine before ripping off her camera and other personal gear. Palestinians can also be seen throwing stones at the settlers before another journalist arrives to help Levine leave the area.
The photographer was taken to a Palestinian hospital near Ramallah and later transferred to Beilinson Hospital near Tel Aviv, which reported that she was in moderate condition with lacerations across her body, a broken rib and four broken vertebrae. She also underwent surgery on her finger, the hospital said.
On Saturday, European diplomats from France, Belgium and Poland came under assault by masked settlers who forced their convoy off the road in the area of Taybeh, near Ramallah. Bernard Baudoux, a leftist mayor of Aulnoye-Aymeries, a town in northern France, was beaten, according to witnesses who spoke to international media.
Data collected by Israeli human rights organization Yesh Din and published on Sunday showed some 538 alleged incidents of settler and soldier violence over the 20-day period from Sept. 27 to Oct. 16, across 181 Palestinian communities in the West Bank. Some 269 of the incidents were directly related to the olive harvest, the organization said.
Israeli right-wing legal-aid organization Honenu confirmed the arrests on Monday and said its criminal law department would be providing the suspects with “initial legal assistance.”
“At this stage, it is unclear what the detainees are suspected of,” the organization said in a statement.
The Israel Police said that “items linking the suspects to the alleged offenses were seized, and several vehicles were confiscated.”
“The law in Judea and Samaria applies to everyone, regardless of identity or affiliation. The Israel Police is committed to professional, equal, and impartial law enforcement, based on evidence and in accordance with the law,” Israel Police Commissioner Daniel Levy said in the statement.
The issue of settler violence in the West Bank falls into a gray area of law enforcement between the Israel Police and the Israeli military, the latter of which is responsible for civilian matters in parts of the territory that are not legally under Israeli sovereignty. Israel’s police force is under the authority of the National Security Ministry headed by Itamar Ben-Gvir, a far-right nationalist who has not made clamping down on settler violence a priority.
Levy said that the ambiguity over which agency is responsible for what must be addressed.
“At the same time, a distinction must be made between responsibility for preventing incidents in the field and responsibility for investigating and enforcing the law after they occur,” Levy said.
“We will continue to coordinate with all security agencies to strengthen security and the rule of law and ensure that anyone found to have violated the law is brought to justice,” he added.
Huckabee on Saturday called for a full investigation into the attack against Levine and for the perpetrators to be prosecuted “to the fullest extent of the law.”
“Attacking a female photographer is a despicable act of terror carried out by masked cowards. Dishonorable act of senseless violence,” he wrote on X.
Israeli President Isaac Herzog also condemned the “shocking violence” and said he had called Levine to apologize.
“I expressed my deepest sorrow to Heidi and apologized for what she went through. The despicable behavior of the perpetrators of this attack does not represent the citizens or the values of the State of Israel,” he said in a statement.
Netanyahu, who is in the midst of a closely contested election campaign to retain power, condemned violence generally, but also stated that the circumstances of the attack “remain unclear.”
“We will not allow disputed incidents to be exploited to demonize the hundreds of thousands of law-abiding Jewish residents of Judea and Samaria,” he said in a statement, using the biblical names for the West Bank.
Israel’s Ambassador to the U.S. Yechiel Leiter, however, stated on CNN on Friday “unambiguously and unequivocally, that gratuitous violence perpetrated by anyone, be they Jews or Arabs, is completely unacceptable.”
He added, “If we have not yet reached a passing grade to bring Jewish vigilantes to justice, then we’ve got to do a better job. But I’m convinced that we are going to do it. I’ve been in government meetings. I’ve heard the prime minister speak emphatically about putting a stop to this.”
In a statement Monday following the arrests, Defense Minister Israel Katz said that it was time for the Israeli police to handle such crimes.
“The IDF should not and cannot be engaged in civilian law enforcement. Its role is to fight Palestinian terrorism and defend the country’s borders and the Jewish communities in Judea and Samaria and along the seam line,” he said, adding that he was preparing, in coordination with the prime minister, “a comprehensive plan to regulate civilian law enforcement activities in Judea and Samaria.”
“The plan distinguishes between the IDF’s authority in the field and the transfer of responsibility for carrying out civilian law enforcement in practice to the Israel Police’s Judea and Samaria District,” Katz said.
This article originally appeared on JTA.org.
The post Israeli police arrest suspects in Washington Post journalist attack appeared first on The Forward.
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Israeli party leader Benny Gantz drops out of race
(JTA) — Benny Gantz said on Monday he is dropping out of the race with just eight days to go until Israelis head to the polls to elect a new parliament.
Gantz, who is a former defense minister and IDF chief of staff, had once been the leading contender to unseat Netanyahu. But in recent months, his party has been polling below the electoral threshold.
In a statement to the press, he said, “I will not run in the upcoming elections – I will continue to fight for unity. This is the only solution that will prevent another disaster and protect Israel against all challenges at home and abroad.”
Gantz argued last month in an op-ed for the Jewish Telegraphic Agency that unity among Zionist parties was critical in part to stop the erosion of support for Israel in the international arena.
His Blue and White Party was considered to be one of the parties that could join either the right-wing bloc led by Prime Minister Benjamin Netanyahu or the opposition bloc headed by Gadi Eisenkot of the Yashar Party. In the last election, Gantz and Eisenkot were in the same party.
Gantz’s departure is expected to improve the vote count of bigger parties and could give a boost to the Eisenkot bloc.
This is a developing story.
This article originally appeared on JTA.org.
The post Israeli party leader Benny Gantz drops out of race appeared first on The Forward.
