“The North American frozen bakery space is a large, growing and fragmented market in which OEP has previous experience,” says Joseph Huffsmith, partner at One Equity Partners. “Our investment in CraftMark presents an opportunity to participate in the attractive foodservice and in-store bakery segments, each with considerable growth potential.”

“CraftMark has established itself as a leader in the baked goods production space,” says Haley Citrome, vice president at One Equity Partners. “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.”

“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 this year’s second quarter, 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 is providing debt financing for the transaction. Harris Williams acted as financial advisor to CraftMark.