Baked GoodsMarket MonitorMergers & AcquisitionsCapital RaiseStrategic AdvisorySummer 2025
U.S. Baked Goods M&A Transaction Volume by Buyer TypeCommentaryBaked Goods Market TrendsCOMMENTARYDespite headwinds resulting from newly implemented tariff policies as well as an evolving regulatory environment, M&A activity within the Baked Goods sector has remained resilient, outpacing that of the broader Food & Beverage industry. Due to the highly fragmented nature of the Baked Goods sector, private equity-backed platform companies have emerged as an active buyer type. Notable examples include Legacy Bakehouse (Benford Capital Partners), Sweetmore Bakeries (Shore Capital Partners) and Commercial Bakeries (Graham Partners).Valuation multiples of publicly traded Baked Goods companies have increased 12% since January 1st, recently surpassing those of their CPG counterparts.has been acquired byOn March 25, 2025, middle market private equity firm One Equity Partners (“OEP”) announced it agreed to acquire CraftMark Bakery (“CraftMark”), an Indianapolis-based supplier of bakery products for quick service restaurants and in-store retail bakeries, from fellow investment firm CIC Partners.Founded in 2013, CraftMark is a leading manufacturer of frozen baked goods including bread dough, cookie dough, pre-deposited muffins, flatbread and ready-to-eat cookies. CraftMark’s highly automated 345,000 sq. ft. facility contains seven production lines with a total capacity of over 500 million lbs. The company employs over 400 bakers.“The North American frozen bakery space is a large, growing and fragmented market in which OEP has previous experience. Our investment in CraftMark presents an opportunity to participate in the attractive foodservice and in-store bakery segments each with considerable growth potential,” said Joseph Huffsmith, Partner at One Equity Partners. 9 7 6 6 8 4 9 4 1 5 8 9 9 4 14 6 7 12 5 1 3 1 2 4 6 5 2 1 18 19 16 12 26 16 16 21 8 6 - 5 10 15 20 25 3020172018201920202021202220232024YTDMay-24YTDMay-25Strategic BuyerPrivate Equity BuyerPrivate Equity Add-OnNotable Recent Transaction2
Select Recent Baked Goods M&A TransactionsTRANSACTION ACTIVITYDateTargetAcquirorEnterprise Value ($M)EV / RevEV / EBITDADescriptionAcquiror CommentsAnnouncedN/AN/AN/AIN-based wholesale producer of bread dough, cookie dough, muffins, flatbread, baked cookies and filled dough for customers nationwide.“Our investment in CraftMark presents an opportunity to participate in the attractive foodservice and in-store bakery segments each with considerable growth potential.”Announced$35,9002.8x16.4xGlobal leader in snacking, cereal and frozen foods with iconic brands, including Pringles, Cheez-It, Pop-Tarts, Eggo, RXBAR and others.“In welcoming Kellanova’s portfolio of growing global brands, we have a substantial opportunity for Mars to further develop a sustainable snacking business that is fit for the futur...
