Kodiak Cakes, a processor of breakfast products and snack bars, has been acquired by L Catterton, a private equity firm that specializes in consumer packaged goods. Terms were not disclosed.
Kodiak’s products include pancake and waffle mixes, frozen waffles and pancakes, oatmeal, baking mixes, and a variety of snacking products. Based in Park City, Utah, the company traces its origins to 1982, when founder Joel Clark, at the age of 8, sold his mother’s pancake mix door-to-door from a red wagon. Clark and other members of the management team, as well as other current shareholders, will retain a significant minority stake in the company going forward, according to a joint 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,” Clark said.
Previous and current investments by L Catterton include Cholula, Kettle Chips, Zarbee's, Home Chef, Ainsworth Pet Nutrition, Plum Organics, Wellness Pet Food, YoCrunch, Ferrara Candy Co. and Sweet Leaf Tea.
