L Catterton Takes Over Kodiak Cakes

LCatterton, a consumer-focused private equity firm recently announced it has purchased Kodiak Cakes, a fast growing US food business. The terms of the transaction were not disclosed. Kodiak’s existing shareholders, and the company’s founders and management team will continue to own a significant minority stake in the business going forward.

“We are thrilled at the opportunity to partner with Joel and his exceptional leadership team for the next chapter in Kodiak’s evolution,” said Matt Leeds, partner at LCatterton. 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.

According to a press release, Kodiak Cakes is built on a mission to inspire healthier eating and active living and has become a leading player across pancake and waffle mixes, frozen waffles and pancakes, oatmeal, baking mixes, and a variety of snacking products. Kodiak presents its product portfolio as being 100% whole-grain, powered by protein.

Co-Founder and Chief Executive Officer Kodiak, Joel Clark said: “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. 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.”