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May 26, 2021

US bakery Kodiak Cakes sells majority stake to PE firm L Catterton

Kodiak Cakes, a US bakery business, has given up a majority stake to Connecticut-based private-equity investor L Catterton.

By Simon Harvey

Headquartered in Park City, Utah, Kodiak is led by co-founder and CEO Joel Clark, while Cameron Smith, another co-founder, is the company’s president. Existing shareholders Sunrise Strategic Partners and Trilantic North America, which invested in the business in 2016, will continue to hold a minority stake, along with the founders and management team.

Financial terms of Catterton’s investment have not been disclosed.

Kodiak manufactures waffles, granola bars, muffins, breakfast pots and oatmeal, along with baking mixes for flapjacks and waffles sold into US retailers Walmart, Target, Safeway, Costco and Publix.

Co-founder Clark said: “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. 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.”

Catterton’s managing partner Matt Leeds added: “We are thrilled at the opportunity to partner with Joel and his exceptional leadership team for the next chapter in Kodiak’s evolution. We look forward to supporting Kodiak’s continued success in the years to come, and we are honoured to welcome such a beloved brand into the L Catterton family.”

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