NEW YORK: One Equity Partners (OEP), a middle-market private equity firm, announced today it has agreed to acquire CraftMark Bakery, a prominent supplier of bakery products for quick-service restaurants and in-store retail bakeries.
Based in Indianapolis, CraftMark Bakery specializes in producing bread dough, cookie dough, muffins, flatbreads, baked cookies, and filled dough for customers nationwide. The company operates a highly automated, state-of-the-art bakery with seven production lines and a capacity exceeding 500 million pounds annually.
“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. “CraftMark has established itself as a leader in baked goods production. We look forward to collaborating with the company’s management team to grow its blue-chip customer base and expand its service offerings through strategic acquisitions and ongoing investment.”
CraftMark CEO Kurt Seagrist expressed excitement over the partnership, stating, “OEP’s expertise in scaling specialty baked goods businesses makes them an ideal partner as we embark on our next phase of growth through both organic means and acquisitions.”
The transaction is expected to close in the second quarter of 2025, pending customary conditions. Financial details were not disclosed.
Advisors to OEP included Kirkland & Ellis LLP for legal counsel and KPMG LLP for accounting and tax advisory services. Debt financing will be provided by Steel City Private Credit, a direct lending strategy formed by PNC Financial Services and The TCW Group. Harris Williams served as CraftMark’s financial advisor.
This acquisition aims to strengthen OEP’s presence in the growing frozen bakery market and support CraftMark Bakery’s expansion efforts.