Acquisition to enhance Rise Baking Company’s commitment to be our
customers’ total bakery partner

MINNEAPOLIS, Sept. 17, 2024 /PRNewswire/ — Today, Minneapolis, MN-based Rise Baking Company (‘Rise’) announced that it has been acquired by global investment firms Platinum Equity and Butterfly.

Founded in 2013, Rise is a leading provider of cookies, pies, cakes, icings, muffins, crispy bars and more in North America to retail bakeries, foodservice operators, and distributors. Rise will continue to operate under its current management team, led by Chief Executive Officer Brian Zellmer.

“We have built this company into one of the leading bakery platforms in North America thanks to the contributions of our incredible team and support from Olympus,” said Zellmer. “We welcome the opportunity to partner with Platinum Equity and Butterfly as we continue to grow Rise Baking Company to serve our customers as their total bakery partner.”

In June of this year, Rise acquired Worcester, MA-based Table Talk Pies, completing Rise’s tenth acquisition since its founding. Through these acquisitions, Rise has built an industry-leading product portfolio comprised of trusted brands, such as Brill, South Coast, Best Maid and more. With a well-diversified portfolio of bakery products and experience, Rise helps customers grow their businesses by offering not just an extensive lineup of high-quality products but also unparalleled support and industry expertise.

“Beyond the quality of its products, the quality of Rise’s people helps set it apart,” said Platinum Equity Co-President Jacob Kotzubei. “The team’s creative spirit, deep understanding of market trends, and hands-on, in-store expertise provides its customers tremendous value. We look forward to deploying our financial and operational resources to help the company expand its reach.”

“We are honored to partner with the Rise team to support their expansion both organically and through strategic acquisitions,” said Butterfly Co-Founder and Co-CEO Adam Waglay. “As a food-focused and operations-driven investment firm, we are excited to bring our specialized expertise and deep food network to bear to help amplify and accelerate the company’s mission to Rise above its customers’ expectations one bite at a time.”

The transaction is expected to close in Q4 2024. Platinum Equity and Butterfly will be equal partners in the investment. Financial terms of the transaction were not disclosed.

Rise was advised by Morgan Stanley & Co. LLC as lead financial advisor in addition to Harris Williams. Houlihan Lokey and Stifel are serving as financial advisors to Platinum Equity and Butterfly, and Bank of America Securities is providing financing for the acquisition. Gibson, Dunn & Crutcher LLP and Simpson Thacher & Bartlett are serving as legal advisors to Platinum Equity and Butterfly.

About Rise Baking Company
Rise Baking Company, based in Minneapolis, MN, is a North American bakery manufacturer that produces a broad portfolio of products for in-store bakeries and foodservice customers, including leading national grocery chains, convenience stores, QSRs, and mass merchandisers. Rise operates with an unparalleled customer-first culture, resulting in best-in-class product innovation, quality, and service. Rise Baking Company believes “our finest ingredient is our people.” For more information, please visit risebakingcompany.com.

About Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with more than $48 billion of assets under management and a portfolio of approximately 50 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O^® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 28 years Platinum Equity has completed more than 450 acquisitions.

About Butterfly
Butterfly is a Los Angeles, California-based private equity firm specializing in the food sector, spanning the entire food value chain from “seed to fork” via four key segments: upstream & processing, B2B service providers, multi-site and branded goods. Butterfly manages over $4 billion of assets to date and aims to generate attractive investment returns through deep industry specialization, a disciplined and data-driven investment process and a hands-on approach to portfolio transformation. For additional information about Butterfly, please visit its website at www.bfly.com.

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