L Catterton, a consumer-focused private equity firm based in Greenwich, Connecticut, has purchased Kodiak Cakes of Park City. Kodiak Cakes markets whole-grain pancake and waffle mixes, frozen waffles and pancakes, oatmeal, baking mixes and a variety of snack products with the mission statement of enabling healthier eating and active living.
Terms of the transaction were not disclosed. Kodiak’s existing shareholders, including Sunrise Strategic Partners, Trilantic North America and the company’s founders and management team, will continue to own a minority stake in the company going forward.
Kodiak traces its roots back to 1982 when 8-year-old Joel Clark began selling his mother’s hand-milled pancake mix door-to-door from a little red wagon. Since then, Kodiak has achieved consistent growth and its products are now sold in over 26,000 outlets, including Target, Walmart, Costco, Publix, Safeway and others. Kodiak is led by co-founder and CEO Joel Clark and co-founder and president Cameron Smith.
“In identifying a partner for Kodiak’s next phase of growth, it was important to find a team with the experience and capabilities to support our mission of providing an unbeatable array of great-tasting and nutritious products for our consumers who are actively navigating today’s frontier,” said Clark. “L Catterton shares our vision and their track record of helping grow iconic CPG (consumer packaged goods) brands makes the firm an ideal partner for Kodiak as we continue to propel our business forward.”
“Since its first wagonload of flapjack mix, Kodiak has brought an authenticity and commitment to simple, wholesome ingredients that has allowed it to become one of the most disruptive food platforms in America,” said Andrew Taub, managing partner at L Catterton. “We look forward to working closely with the entire Kodiak team to grow the brand together and inspire more consumers to pursue healthier eating and live an active, outdoor lifestyle.”
L Catterton has significant experience investing globally in consumer packaged goods brands. Current and former CPG investments include Cholula, The Honest Co., Kettle Chips, Zarbee’s, Home Chef, Ainsworth Pet Nutrition, Plum Organics, Wellness Pet Food, YoCrunch, Ferrara Candy Co. and Sweet Leaf Tea.