The texture of the divided chocolate cake has chocolate cream sandwiched between the middle of the close-up shot.

Rise Baking Co. Changes Equity Ownership Hands

Sept. 18, 2024

The baking company will be owned equally by Platinum Equity and Butterfly as it looks to continue its growth trajectory.

Andy Hanacek

Minneapolis, Minn.-based Rise Baking Co., has been acquired by equity firms Platinum Equity and Butterfly from Olympus Partners, which made its initial investment in Rise in 2018.

In the last year, Rise has grown through acquisition, most recently adding Table Talk Pies to its portfolio in June 2024. Rise was founded in 2013 and produces cookies, pies, cakes, icings, muffins, crispy bars and more for North American retail bakeries, foodservice operators and distributors. The Table Talk deal was Rise’s 10^th acquisition since its founding, the company noted in the release announcing the latest deal.

CEO Brian Zellmer will continue to lead Rise’s current management team post-acquisition, and he was thankful for Olympus’ support for the years under its watch. Rise produces brands such as Brill, South Coast and Best Maid, among others.

The transaction is expected to close in the fourth quarter of this year, with Platinum Equity and Butterfly being equal partners in the investment. Terms were not disclosed.

About the Author

Andy Hanacek | Senior Editor

Andy Hanacek has covered meat, poultry, bakery and snack foods as a B2B editor for nearly 20 years, and has toured hundreds of processing plants and food companies, sharing stories of innovation and technological advancement throughout the food supply chain. In 2018, he won a Folio:Eddie Award for his unique "From the Editor's Desk" video blogs, and he has brought home additional awards from Folio and ASBPE over the years. In addition, Hanacek led the Meat Industry Hall of Fame for several years and was vice president of communications for We R Food Safety, a food safety software and consulting company.