NEW YORK–(BUSINESS WIRE)–#foodservice—One Equity Partners (“OEP”), a middle market private equity firm, today announced it has agreed to acquire CraftMark Bakery, (“CraftMark” or “the Company”), a supplier of bakery products for quick service 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, industry-leading, 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,” said 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,” added Haley Citrome, Vice President, 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,” said 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.
About One Equity Partners
One Equity Partners (“OEP”) is a middle market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. The firm seeks to build market-leading companies by identifying and executing transformative business combinations. OEP is a trusted partner with a differentiated investment process, a broad and senior team, and an established track record generating long-term value for its partners. Since 2001, the firm has completed more than 400 transactions worldwide. OEP, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York, Chicago, Frankfurt and Amsterdam. For more information, please visit www.oneequity.com.
About CraftMark Bakery
CraftMark Bakery, a wholesale bakery located in Indianapolis, Indiana, is the leading innovator in private label bakery products. We tap into emerging consumer trends to develop memorable bakery experiences that connect with your customers and grow your business. We are the bakery category experts in frozen dough and batters and we manufacture delicious sweet and savory snacks for the foodservice and in-store bakery ISB markets, including thaw and sell individually-wrapped cookies, pre-deposited muffin batter, frozen pre-portioned cookie dough, freezer to oven sandwich carrier bread dough, toaster flatbreads, and other wholesale bakery products. Learn more at www.craftmarkbakery.com.
Contacts
Media
Thomas Zadvydas
Stanton
646-502-3538
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