INDIANAPOLIS — Private equity firm One Equity Partners (OEP) has entered an agreement to acquire CraftMark Bakery from CIC Partners.
INDIANAPOLIS — Private equity firm One Equity Partners (OEP) has entered an agreement to acquire CraftMark Bakery from CIC 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 Indianapolis-based baking company produces an array of frozen baked goods, ranging from bread dough to baked cookies, for foodservice and in-store bakeries nationwide.
“The North American frozen bakery space is a large, growing and fragmented market in which OEP has previous experience,” said 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.”
In 2015, the wholesale baking manufacturer completed a 250,000-square-foot facility with three automated production lines for Subway bakery products. The company added a fourth line in 2016 and in 2018, expanded the commercial bakery again by 120,000 square feet and three more automated production lines. CraftMark has a production capacity of more than 500 million pounds and employs more than 400 workers.
The transaction is set to close in Q2.
