March 25 (Reuters) – U.S. private equity firm KKR has struck a deal to acquire bakery chain Nothing Bundt Cakes from Roark Capital for over $2 billion, including debt, a source familiar with the matter told Reuters on Wednesday. * The bakery was launched in 1997 and sells hand-craftedbundt cakes in a variety of flavors […]
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KKR to acquire Nothing Bundt Cakes for over $2 billion, source says
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March 25 (Reuters) – U.S. private equity firm KKR has struck a deal to acquire bakery chain Nothing Bundt Cakes from Roark Capital for over $2 billion, including debt, a source familiar with the matter told Reuters on Wednesday.
* The bakery was launched in 1997 and sells hand-craftedbundt cakes in a variety of flavors and sizes. It was acquiredby Roark in 2021. * Roark was running a sale process for the bakery chain withinvestment banks North Point and Bank of America, Reutersreported last year. * Nothing Bundt Cakes, which operates more than 500 bakeriesacross the U.S. and Canada, expects to generate around $120million in earnings before interest, taxes, depreciation andamortization this year, Reuters previously reported. * The deal follows Atlanta, Georgia-based Roark’sacquisitions of Dave’s Hot Chicken last year and Subway in 2023. * The deal was first reported by the Wall Street Journal. * KKR declined to comment and Roark did not immediatelyrespond to a Reuters request for comment.
(Reporting by Neil J Kanatt in Bengaluru and Abigail Summerville in New York; Editing by Alan Barona)