One Equity Partners to acquire CraftMark Bakery
The transaction is expected to be completed in Q2 of this year.
Courtesy of CraftMark Bakery
One Equity Partners (“OEP”), a middle market private equity firm, announced it has agreed to acquire CraftMark Bakery (“CraftMark” or “the Company”), a supplier of bakery products for quickservice restaurants and in-store retail bakeries.
Based in Indianapolis, CraftMark is a wholesale producer of bread dough, cookie dough, muffins, flatbread, baked cookies and filled dough for customers nationwide. CraftMark operates a modern and highly automated bakery with seven production lines and over 500 million pounds of production capacity.
“The North American frozen bakery space is a large, growing, and fragmented market in which OEP has previous experience. Our investment in CraftMark presents an opportunity to participate in the attractive foodservice and in-store bakery segments each with considerable growth potential,” says Joseph Huffsmith, partner at One Equity Partners.
“CraftMark has established itself as a leader in the baked goods production space. 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,” adds Haley Citrome, VP, One Equity Partners.
“We look forward to our partnership with One Equity, an investor with proven expertise in growing specialty baked goods businesses, to build out our operations and usher CraftMark into its next phase of growth,” says Kurt Seagrist, CEO of CraftMark Bakery. “OEP is an ideal partner as we seek to expand through organic growth and acquisitions.”
The transaction is expected to be completed in Q2 2025, subject to customary closing conditions. Financial terms of the private transaction were not disclosed.
Kirkland & Ellis LLP served as legal counsel to OEP and KPMG LLP served as accounting and tax advisor. Steel City Private Credit, a direct lending strategy formed between PNC Financial Services and The TCW Group, is providing debt financing for the transaction. Harris Williams acted as financial advisor to CraftMark.
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