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Private Equity Firm Scoops Up BFY Food Firm Kodiak Cakes

Image courtesy of Kodiak Cakes Screen Shot 2021-05-25 at 12.40.55 PM.png
The deal adds pancake and waffle mixes, frozen waffles and pancakes, oatmeal and and other products to L Catterton’s portfolio.

Private equity firm L Catterton has entered into a deal to purchase Kodiak Cakes, a food firm that supplies better-for-you (BFY) breakfast and snack food products, a company announcement said Tuesday. Terms of the acquisition were not revealed.

Kodiak’s portfolio includes pancake and waffle mixes, frozen pancakes and waffles, oatmeal, baking mixes and snacking products made with 100% whole grain.

“Since its first wagonload of flapjack mix, Kodiak has brought an authenticity and commitment to simple, wholesome ingredients that has allowed it to become one of the most disruptive food platforms in America,” Andrew Taub, managing partner at L Catterton, said in a company release. “We look forward to working closely with the entire Kodiak team to grow the brand together and inspire more customer to pursue healthier eating and live an active, outdoor lifestyle.”

Kodiak Cakes has established several distribution partnerships and collaborates with blue chip retailers, including Target, Walmart and Costco. The firm says its revenue has grown by over 50x since the business was featured on Shark Tank in 2013.

“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,” the firm’s co-founder and chief executive officer, Joel Clark, said in a release. “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.”

Another private equity firm, Brynwood Partners VIII LP, struck a deal to purchase frozen waffles manufacturer De Wafelbakkers from Anschutz Corp. subsidiary The Oklahoma Publishing Co. in early April. Based in North Little Rock, AR, De Wafelbakkers manufacture branded, co-manufactured, and private label frozen pancakes, waffles and French toast for retail sale and food service outlets in the United States.

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