Cérélia Acquires US Waffle; Continental Grain Makes Strategic Investment in Cérélia

Ardian Acquires Cérélia from IK Investment Partners

December 19, 2019

Food & Beverage

Ardian has agreed to acquire Cérélia, a Paris-headquartered producer of ready-to-bake dough, pancakes, crepes and cookies, from the IK VII Fund advised by IK Investment Partners. Management, led by Guillaume Réveilhac, will retain a meaningful stake alongside Ardian as the buyer seeks to accelerate Cérélia's organic growth, acquisitions and geographic expansion across Europe and North America.

Arbor Investments Acquires Golden Malted and Heartland Waffles from Roch Capital

June 16, 2023

Food & Beverage

Arbor Investments has acquired Golden Malted (New Carbon Company, LLC) and Heartland Waffles (Heartland Food Products, LLC) from Roch Capital; terms were not disclosed. The combined Golden Malted–Heartland business, headquartered in Glen Mills, Pennsylvania (with related operations in Raleigh, North Carolina), is a leading supplier of waffle mixes, toppings and waffle-iron equipment to the hospitality and broader foodservice industry and will be run as an Arbor platform to accelerate distribution and product innovation.

Ferrero Acquires WK Kellogg Co

September 26, 2025

Food & Beverage

The Ferrero Group has completed its acquisition of WK Kellogg Co, with WK Kellogg Co becoming a wholly owned subsidiary. WK Kellogg Co shareholders received $23.00 in cash per share; Ferrero says the purchase expands its strategic growth and brand portfolio in North America.

L Catterton Acquires Kodiak Cakes

May 25, 2021

Food & Beverage

L Catterton, the global consumer-focused private equity firm, has acquired Kodiak Cakes, a Park City, Utah–based better-for-you food brand known for whole-grain pancake/waffle mixes, frozen breakfast products, oatmeal and snacks. Existing shareholders — including Sunrise Strategic Partners, Trilantic North America, and the company's founders and management — retain a meaningful minority stake; terms were not disclosed.

Sovos Brands Acquires Birch Benders

October 26, 2020

Food & Beverage

Sovos Brands has completed its acquisition of Birch Benders, a Denver-based producer of better-for-you pancake & waffle mixes, toaster waffles and baking cups. The deal expands Sovos' portfolio into the breakfast and snacking categories and strengthens its presence in natural and specialty retail channels; Sovos is backed by private equity firm Advent International.

Biscuit International Acquires Continental Bakeries

October 22, 2021

Food & Beverage

Biscuit International, a Platinum Equity-backed European private‑label biscuit manufacturer, has agreed to acquire Continental Bakeries from its majority shareholder Goldman Sachs Asset Management. The deal brings Continental’s 13 production facilities and more than 2,300 employees into Biscuit International, strengthening the combined group's product portfolio and pan‑European footprint; completion was anticipated in H1 2022 subject to customary approvals.