Golden Malted and Heartland Waffles have been sold to US-based food and beverage private-equity firm Arbor Investments.

The suppliers of waffles, pancake mixes and toppings have been bought from fellow investor Roch Capital for an undisclosed sum, Chicago-based Arbor Investments said in a statement today (20 June).

Arbor Investments said its senior partner Tim Fallon will take on the roles of chairman and interim CEO. “Senior leadership of Golden Malted-Heartland will continue in their operating roles leading the business,” the investor said.

Headquartered in Glen Mills, Pennsylvania, Golden Malted and Heartland Waffles supply the hospitality and foodservice sectors and also provide “iron equipment and related maintenance to over 40,000 customer locations throughout North America”.

Fallon said: “As prolific investors in the food industry, we’ve long admired this business and are very impressed with the national footprint it has built, especially in the hotel breakfast sector.

“We see significant opportunity to leverage Arbor’s in-house resources and expertise to help the company further penetrate the broader foodservice industry and rapidly accelerate growth.”

Arbor’s other active investments include the pet-food companies Carnivore Meat Company and Red Collar Pet Foods, along with frozen bread and baked goods producer Crown Bakeries. Fontaine Santé, a supplier of hummus and dips, is also on its investment roster.