Rise Baking has snapped up US peer Brill from the private-equity-backed Baker & Baker Group.
Financial terms were undisclosed.
Rise Baking, itself owned by private-equity house Olympus Partners, said the deal would bolster its product portfolio.
The private-equity owner of Baker & Baker, Rhône, said the sale of Brill would allow Baker & Baker to focus on its core markets in Europe.
Brill, based in Atlanta, specialises in products including cakes, cookies and muffins. The company, which employs 1,500 staff across seven plants, supplies retail bakeries and foodservice operators in the US.
Rise Baking, headquartered in Minneapolis, focuses on foods including cookies, decorated cakes and dessert bars. It was acquired by Olympus Partners from fellow private-equity firm Arbor Investments in 2018.
Mike Schultz, Rise Baking’s CEO, said: “Brill is a perfect fit as we look to bring additional products and innovation to the marketplace.”
Last year, Rise Baking bought the frozen bakery division of ingredients supplier Dawn Foods.
The sale of Brill comes almost a year after Baker & Baker – then called CSM Bakery Solutions – sold its ingredients division to European investment group Investindustrial. Rhône renamed CSM Bakery Solutions, a business it formed in 2013 after buying a clutch of bakery businesses from Dutch group CSM, as Baker & Baker after that disposal.
The deal left Rhône with Baker & Baker and its core operations in Europe, plus the North America-focused Brill.
Marianne Kirkegaard, president and CEO of Baker & Baker, said: “The management team at Brill has done a fantastic job optimising the business over recent years, preparing the company for the future, making this a good moment to seek new ownership. Rise emerged as the clear and obvious buyer throughout the process.”
Patrick Mundt, Rhône’s managing director, added: “This transaction positions Baker & Baker well to continue strengthening its industry-leading position in European markets. Marianne and her team continue to execute on Baker & Baker Group’s strategic plan and create significant value for its shareholders.”