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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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Why The 36 Award
Antisemitism is, unfortunately, a fact of life in the United States and around the world. Jewish people continue to experience harassment, discrimination, and violence. Antisemitic tropes and conspiracy theories exacerbate the problem.
Antisemitism does not exist in isolation; it both reflects and accelerates the erosion of democratic norms, institutions, and trust, emerging alongside other forms of hate and prejudice that collectively weaken the social fabric and the shared commitments on which all communities depend.
And while naming antisemitism and its impact is necessary, what truly matters is our shared responsibility to confront it.
This is a moment to push back collectively, within and beyond the Jewish community. No single organization, community, or ideology can meet this challenge alone. The pursuit of solutions requires acknowledging what we do not yet know, remaining open to learning, and committing to the collective effort.
Nathan Cummings Foundation (NCF) approaches this work as part of a broader justice journey and our commitment to Racial, Economic, and Environmental Justice (REEJ). As an institution rooted in the Jewish tradition of tikkun olam, repairing the world, our commitment to social justice and Jewish values has long guided our work across our focus areas, which includes being in partnership with leaders across REEJ.
We believe that our pursuit of justice is incomplete if it does not also address antisemitism. Antisemitism is oppression and is inseparable from broader struggles against bigotry, exclusion, and threats to democratic life. Addressing it strengthens movements, deepens solidarity, and reinforces the conditions necessary for collective progress.
Recognizing and engaging this challenge is essential to building a more just, inclusive, and democratic society and advancing our pursuit of REEJ.
With all of this in mind, NCF, in collaboration with the Jewish Social Justice Roundtable and supported by a growing coalition of partners across the country, created The 36 Award. The award takes its name from a powerful concept in Jewish tradition: the belief that in every generation there are 36 righteous individuals whose actions help sustain the world.
Across the country, there are people confronting antisemitism in ways that do not always attract headlines. They are building relationships across lines of race, faith, geography, and ideology. They are helping communities navigate difficult conversations. They are creating new models, narratives, and pathways toward understanding. In many cases, they are demonstrating that combating antisemitism and advancing broader justice are not competing goals but mutually reinforcing ones. The 36 Award is designed to find those individuals and elevate and support their work.
The challenges before us are significant. Yet history reminds us that lasting progress often begins with people willing to see possibilities others overlook. The search for those people is what The 36 Award truly represents.
We believe that new ideas matter and that solidarity can be built through courageous leadership, which often emerges where few are looking. We are excited to announce the inaugural winners of The 36 Award. Please visit 36award.us to learn about these inspiring individuals.
Sincerely,
Rey Ramsey, President & CEO
Amy Sorensen Ben-Dov, Chair, Board of Trustees
Nathan Cummings Foundation
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The 36 Award Winner: Building a Public Health Response to Antisemitism
Myrieme Churchill, Executive Director of Parents for Peace (P4P), has been named an inaugural recipient of The 36 Award, honoring a decade of work building what may be the first confidential intervention program in the world focused specifically on antisemitism.
Churchill leads P4P, a national public health organization serving families, schools, and communities across the United States and Canada. Through its Antisemitism Intervention and Recovery (AIR) Program, P4P brings together licensed psychologists, peer interventionists, and a team that includes former neo-Nazis and former jihadists. Its central argument once sounded unlikely to many in the field: extremism is not just a security issue, but a public health crisis that demands early intervention, education, and community-based support. The need has grown sharply. P4P says it saw a steep rise in anti-Jewish hatred after October 7, 2023, both in its own caseload and across society. In 2025, 70 percent of its helpline cases involved antisemitism, spanning far-right white nationalism, jihadist networks, and far-left movements.
Churchill’s path to this work began in Morocco. The daughter of a Black Moroccan Muslim father and a white French Christian mother, she grew up biracial and rarely felt she belonged anywhere. As a child, she was excluded and targeted by other children who misidentified her as Jewish and often used the word “Jew” to insult her.
“That history gives me a deep appreciation for how identity, exclusion, and belonging shape people’s lives,” Churchill said.
Those early experiences left her with questions that have stayed with her ever since: Why do people hurt one another? Where does hate come from? Why have Jews so often been made the scapegoat? The questions led her to a career as a therapist. Her early work took her to the streets of Marseille, where she worked with young immigrants targeted by traffickers, and later to Boston, where she treated people with mental illness and addiction. Both jobs, she said, taught her how vulnerable people are at risk for abuse, self-destruction, and harming others.
Over years of clinical work in addressing addiction, Churchill began to notice a pattern. For some people, extremism seemed to work the way a drug does, offering relief from pain along with a sense of identity and purpose. People could get hooked on hate the way others get hooked on substances.
That insight became the foundation of the P4P model. Rather than treating extremism of any kind, including antisemitism, as a set of beliefs to argue with, the organization treats it as a maladaptive way of coping with grievance, isolation, and trauma. In P4P’s framing, extremism works like a psychological addiction, offering belonging at the cost of truth, safety, and humanity. Instead of relying on shame, public condemnation, or debate, P4P helps families recognize warning signs and assess escalating behavior, and helps their loved ones build healthier sources of identity, belonging, and purpose, while working with public safety resources when necessary. The goal is to replace hate with resilience, education, and genuine connection.
AIR, which P4P bills as the world’s first antisemitism helpline, builds on the organization’s existing public health approach and helpline model. It offers free, confidential support from trained interventionists to worried families, educators, and community members, as well as to people who are trying to step away from anti-Jewish beliefs themselves. P4P is also developing trainings for families, schools, and religious organizations on recognizing early warning signs, navigating online risks, and responding with evidence-based intervention.
The model was tested on the very first call to the AIR helpline in 2016. A mother had found several rifles under her son’s bed, along with a manifesto describing his plan to attack a synagogue. She was terrified and reluctant to contact law enforcement. Churchill stayed on the line and worked to earn the mother’s trust enough that she would call 911. The FBI later confirmed that the guns had been confiscated and that the young man had been hospitalized for treatment of psychosis.
“Courage sometimes means entering the worst moment of someone’s life and not looking away,” Churchill said.
P4P says its early intervention work has since helped prevent potential attacks on synagogues and violence against Jews, and has helped hundreds of people repair relationships, return to school or work, and rebuild lives no longer governed by extremist ideology.
Sagit Sade Attia, a member of the P4P board, described that work as a deliberate moral choice. “Rather than writing off people consumed by hate as beyond redemption, Myrieme has chosen the far more difficult path of engaging directly with individuals and families affected by radicalization, while never losing sight of the needs and safety of those targeted by hate,” she said.
The choice has not always been easy to explain. When Churchill first began describing extremism as an addiction, she recalled, people looked at her as if she had three heads. Public health framing has since moved closer to the mainstream, but an approach that begins with compassion for people who hold antisemitic views can still invite skepticism at a moment when Jewish communities feel under threat. Churchill answers by pointing to outcomes like the hundreds of families supported.
P4P doesn’t do this work alone. It has partnered with the Combat Antisemitism Movement, the ADL, the American Muslim and Multifaith Women’s Empowerment Council, and the Department of Homeland Security, as well as Bangladeshi and other immigrant communities. It has worked with the Harvard School of Public Health and Georgia State University to evaluate its work and to train former extremists as interventionists. Churchill has spoken at Eradicate Hate following the 2018 Tree of Life shooting, briefed Congress as part of a bipartisan effort, and testified before the Massachusetts Special Commission on Combating Antisemitism, where she urged antisemitism trainings in schools. Churchill puts it simply: “Antisemitism is not a Jewish problem alone; it is an all-of-us problem, and everyone pays the price when it spreads.”
The post The 36 Award Winner: Building a Public Health Response to Antisemitism appeared first on The Forward.
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Building the Legal Case Against White Nationalism
David Brody, founder of the Alliance of Jewish Americans, has been named an honorable mention for The 36 Award in its inaugural year. Brody has spent his career in courtrooms and coalitions confronting hate, and he believes Jewish safety in the United States depends on standing with every community that white nationalism targets.
Brody traces his commitment to his family and to the South. “As a Jew from Georgia, my Jewish identity was defined against the backdrop of the Black-Jewish shared struggle in the South,” he said. His great-grandmother fled pogroms, arrived in the United States as an unaccompanied minor with no English or education, and became a union organizer. His father registered voters for the Southern Christian Leadership Conference and spent four decades researching how poverty and discrimination affect the health of rural Black families. “My family taught that being Jewish in America means fighting for social justice,” Brody said.
Before launching the Alliance in 2026, Brody founded and led the Digital Justice Initiative at the Lawyers’ Committee for Civil Rights Under Law, the first tech policy program at a legacy racial justice organization. There, he built the first case applying public accommodations law to online harassment, representing Taylor Dumpson, the first Black woman to serve as student government president at American University, against a neo-Nazi website’s publisher who targeted her. Brody co-led the team representing Metropolitan AME Church in Washington, D.C., in its case against the Proud Boys after the group vandalized the church. He helped draft and championed what became the AI Civil Rights Act of 2025, which more than 80 civil rights, privacy, consumer, and labor groups have endorsed. His nominator, Erin Simpson of the Ford Foundation, said Brody coined the phrase “privacy rights are civil rights” at a time when many did not yet see the connection. She described him as “the engine that powered an entire community of racial justice and technology policy organizations.”
Brody said Jewish civil society is robust but has lacked a dedicated national legal organization, similar to the NAACP Legal Defense Fund or Lambda Legal. The Alliance is meant to fill that gap. It uses open-source investigative techniques to collect and preserve evidence of civil and human rights violations and white nationalist threats, with the goal of making that evidence admissible in court.
From his years litigating against white supremacists, Brody saw that few organizations take on litigation against white nationalism systematically, and that most investigative work in the field produces research reports rather than evidence that can stand up in a legal proceeding. He argues that white nationalism, which has motivated deadly attacks ranging from Pittsburgh’s Tree of Life synagogue in 2018 to a Buffalo grocery store in 2022, poses the greatest threat to Jewish safety in the United States in generations.
The Alliance’s work includes both near-term and longer-term legal investigations. Part of this work involves leveraging AI tools responsibly, such as using them to accelerate needle-in-a-haystack investigations of white nationalist activity or other threats that would not be cost-effective for human researchers. Other work is meant to provide evidentiary foundations for long-term efforts to research, document, and seek accountability for rights violations in the U.S. Brody said he is focused on what the field needs now and what it will need in five years.
Brody’s approach to coalitions is grounded in patience. He spent six years drafting model bills, persuading allies with different priorities, and testifying twice before Congress in support of privacy protections. In 2024, when a bipartisan privacy bill in Congress was stripped of its civil rights protections, Brody gathered signatures from more than 50 organizations on an opposition letter in under 24 hours, and the bill died. “Those groups did not sign because I told them what to do,” he said. “They signed because I spent years working with them, earning their trust, and advocating for their interests.”
Brody credits the courage of his clients for putting their names and faces on high-profile cases against violent white supremacists. He arranges his work so that, by the time a moment of risk arrives, “we have friends at our side.” He resists the idea that this takes a special method. “Building bridges does not require a special approach,” he said. “One should show up for everyone, listen with empathy, and do the work.”
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