Minneapolis, Minnesota-based Rise Baking Co. has been acquired by global investment firms Platinum Equity and Butterfly.
Founded in 2013, Rise Baking Co. is a provider of cookies, pies, cakes, icings, muffins and crispy bars in North America to retail bakeries, foodservice operators and distributors. Rise will continue to operate under its current management team, led by CEO 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 over the years,” Zellmer said. “We welcome the opportunity to partner with Platinum Equity and Butterfly as we continue to grow Rise Baking Co. to serve our customers as their total bakery partner.”
In June, Rise Baking Co. acquired Worcester, Massachusetts-based Table Talk Pies, completing Rise’s 10th acquisition since its founding. Through these acquisitions, Rise Baking Co. has built a product portfolio comprised of trusted brands, such as Brill, South Coast and Best Maid. 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.
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“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.”
Butterfly Co-Founder and Co-CEO Adam Waglay said, “We are honored to partner with the Rise team to support their expansion both organically and through strategic acquisitions. 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 Baking Co. 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.
