"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," Zellmer says. "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, Rise acquired Table Talk Pies, completing Rise's 10th acquisition since its founding. Through these acquisitions, Rise has built a product portfolio comprised of brands such as Brill, South Coast, Best Maid and more. With a diversified portfolio of bakery products and experience, Rise helps customers grow their businesses by offering not just an extensive lineup of products but also support and industry expertise.

"Beyond the quality of its products, the quality of Rise's people helps set it apart," says 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." 

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

"We are honored to partner with the Rise team to support their expansion both organically and through strategic acquisitions," says 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." 

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.