PE firm Gryphon takes stake in Canada's The Original Cakerie
Gryphon Investors has acquired a majority stake in The Original Cakerie.
US private equity firm Gryphon Investors has announced it is to acquire a majority stake in Canadian frozen dessert maker The Original Cakerie.
Terms of the deal were not disclosed.
The Original Cakerie, based in British Columbia, produces frozen desserts for retail and foodservice customers in North America. It has manufacturing sites in British Columbia and Ontario.
Following the acquisition, president and CEO Dave Hood will continue to lead the company.
Hood said: "We are very excited to partner with Gryphon, given their proven track record in the food sector and the significant resources they bring to the table to assist us in building the company and accelerating our growth. Gryphon's investment will provide our customers and employees with the opportunity to be associated with an exciting growth platform and enduring leader in the premium baked goods space. We welcome Gryphon's partnership as we enter our next stage of growth."
The deal is expected to close in December this year.
Keith Stimson, partner and head of Gryphon's Consumer Group: "Consumers value affordable indulgence across economic cycles, and they are increasingly searching for quality products and clean-label ingredients when they choose to indulge," said . "We have had a proactive focus on establishing a platform in the high-quality premium baked goods space, in order to benefit from these consumer trends, as the in-store bakery sections of supermarkets as well as foodservice customers continue to look for high-quality dessert offerings."
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