©Kodiak Cakes
Private equity firm L Catterton has acquired Kodiak Cakes, a manufacturer of whole grain baking products in the US, for an undisclosed sum.
Founded in 1982, Kodiak Cakes offers a portfolio of 100% whole grain and protein powered products including its flagship flapjack and waffle mixes, frozen waffles and pancakes, oatmeal, baking mixes, syrups and a variety of other snacking products.
Kodiak’s products are available nationwide in stores such as Target, Walmart, Costco, Publix and Safeway. In 2013, the company appeared on business reality TV show Shark Tank and has since grown its revenue more than 50 times.
Following the transaction, Kodiak’s existing shareholders including Sunrise Strategic Partners, Trilantic North America, and the company’s founders and management team, will continue to own a significant minority stake in the firm.
With the acquisition, L Catterton says the brand will be better positioned for continued expansion and innovation.
“In identifying a partner for Kodiak’s next phase of growth, it was important to find a team with the experience and capabilities to support our mission of providing an unbeatable array of great tasting and nutritious products for our consumers who are actively navigating today’s frontier,” said Kodiak Cakes co-founder and CEO, Joel Clark.
“L Catterton shares our vision, and their track record of helping grow iconic CPG brands makes the firm an ideal partner for Kodiak as we continue to propel our business forward.”
Andrew Taub, managing partner at L Catterton, added: “Since its first wagonload of flapjack mix, Kodiak has brought an authenticity and commitment to simple, wholesome ingredients that has allowed it to become one of the most disruptive food platforms in America.
“We look forward to working closely with the entire Kodiak team to grow the brand together and inspire more consumers to pursue healthier eating and live an active, outdoor lifestyle.”
Last year, L Catterton offloaded hot sauce brand Cholula to McCormick for $800 million. Other current and former consumer packaged goods investments include The Honest Company, Kettle Chips, Plum Organics, YoCrunch, Ferrara Candy Company and Sweet Leaf Tea.
© FoodBev Media Ltd 2024