Private equity firm L Catterton has acquired Kodiak Cakes. Founded in 1982, Kodiak offers pancake and waffle mixes, frozen waffles and pancakes, oatmeal, baking mixes, and a variety of snacking products.
"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," said Kodiak co-founder and CEO Joel Clark, in a statement. "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."
Kodiak's existing shareholders, including Sunrise Strategic Partners, Trilantic North America, and the company's founders and management team, will continue to own a significant minority stake in Kodiak going forward.
"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," said Andrew Taub, managing partner at L Catterton, in a statement. "We look forward to working closely with the entire Kodiak team to grow the brand together and inspire more consumers to pursue healthier eating and live an active, outdoor lifestyle."
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Image: Kodiak Cakes