US group Dessert Holdings has acquired local peer Steven Charles for an undisclosed sum.
Minnesota-based Dessert Holdings, owned by private equity firm Bain Capital, suggested the deal will provide Steven Charles with the “platform and resources to continue to develop innovative dessert products at scale for its blue-chip customer base”.
Founded in 1995 by Steven Fabos and Charles Kosmont, Colorado-based Steven Charles is a maker of desserts supplying foodservice and retail customers across North America. Post-deal, the company will continue to be operated by its management team led by president Rebecca O’Hara.
Dessert Holdings also targets retail and foodservice customers and owns the brands The Original Cakerie, Lawler’s Desserts and Atlanta Cheesecake Company.
Together, the companies service more than 250 customers in the US, Canada, Mexico, the Caribbean, South America and Asia.
Paul Lapadat, CEO of Dessert Holdings, said: “Steven Charles has a heritage of creating and commercialising award-winning desserts and that commitment to excellence in innovation and service has fostered long-standing relationships with a number of the leading foodservice and retail operators in North America.
“We see an incredible opportunity to supplement these strengths to support Steven Charles’ domestic growth while also investing to expand the business globally.”
O’Hara said: “Dessert Holdings has a complementary product portfolio to ours and brings capital and expertise that will help us accelerate our growth journey.”
Adam Nebesar, a managing director at Bain Capital, added: “With our investment in Dessert Holdings, we have the privilege of backing Paul and his team as they build the leading premium dessert manufacturing company in North America, and the acquisition of Steven Charles is a perfect fit for that vision.”