Rubicon Bakers has acquired fellow California-based cakes and cupcakes maker Just Desserts.
A portfolio company of private-equity firm Trive Capital in Dallas, Rubicon Bakers has not disclosed the price it is paying for Just Desserts. Fairfield-based Just Desserts offers vegan and gluten-free options for its cakes and cupcakes. Both companies serve the retail channel across the US.
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Leslie Crary and Andrew Stoloff, who founded Rubicon in Richmond in 1993, said in a statement: “Just Desserts and Rubicon share in the focus and passion to deliver high-quality and innovative products and we couldn’t be more thrilled to scale our footprint to a multi-facility platform so that we can continue to serve customers nationwide.”
Michael Mendes, the managing partner and CEO of Just Desserts, founded in 1974, added: “The strategic combination of these two premium bakeries will expand the reach of our products across the country and create exciting opportunities for the talented combined employee base. I am very pleased to transition stewardship of Just Desserts to Andrew, Leslie, and Trive Capital.”
Just Desserts counts Whole Foods Market, Albertsons and Safeway among its retail customer list. Rubicon Bakers’ products are also listed in Whole Foods Market, along with a host of independent stores.
Chris Zugaro, a partner at Trive Capital, said Just Desserts will add a “complementary, premium brand” to Rubicon Bakers’ portfolio and add scale to the business.
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By GlobalDataTrive Capital invested in Rubicon Bakers last year. Deal terms were not disclosed. Rubicon Bakers employs homeless people, those recovering from substance abuse and who have been incarcerated. The company is also a certified B Corporation.
