CraftMark Bakery, a US-based supplier of bakery products, is set for a change in ownership as One Equity Partners (OEP) has agreed to acquire the company from CIC Partners.
Financial terms of the transaction have not been made public.
Founded in Indianapolis in 2013, CraftMark Bakery caters to the quick-service restaurant (QSR) channel, CIC Partners said in a statement.
The company is a wholesale producer of various bakery products, including bread dough, cookie dough and muffins.
It serves in-store bakeries, foodservice providers and convenience stores while also offering contract manufacturing services.
OEP partner Joseph Huffsmith said the investment in CraftMark “presents an opportunity to participate in the attractive foodservice and in-store bakery segments each with considerable growth potential”.
The investor has a history in the bakery sector, having sold East Balt Bakeries, now known as Bimbo QSR, to Mexican bakery giant Grupo Bimbo for $650m in 2017.
CraftMark Bakery CEO Kurt Seagrist said that OEP has “proven expertise” in the expanding specialty baked goods market, making it an “ideal partner” as the baker seeks to “expand through organic growth and acquisitions”.
CraftMark operates seven production lines with a total capacity exceeding 250,000t and has a workforce of more than 400.
In 2015, CraftMark completed the construction of a 225,000ft2 facility with three automated production lines, primarily serving fast food major Subway.
A fourth production line was added in 2016.
By 2018, the company had expanded its facility by approximately 120,000 ft2, adding three more automated production lines to meet increasing customer demand.
OEP vice president Haley Citrome said: “We look forward to working with the company’s management team to support and grow its blue-chip customer base and expand service offerings through strategic M&A and continued investment into the base operations.”
The transaction is expected to be completed in the second quarter of 2025, pending customary closing conditions.
