Levine Leichtman Capital Partners (“LLCP”), a Los Angeles-based private equity firm, announced today that it has sold its portfolio company NBC Holdings, LLC (“Nothing Bundt Cakes” or the “Company”) to Roark Capital (“Roark”).
Nothing Bundt Cakes is the market-leading franchisor and operator of gourmet bakeries offering specialty Bundt Cakes and retail gift items. The Company’s products are handcrafted and baked on-site daily with high quality ingredients and proprietary formulations distributed by its in-house facilities. Nothing Bundt Cakes currently has nearly 400 locations in the U.S. and Canada. The Company was founded in 1997 and is headquartered in Addison, Texas.
Matthew Frankel, Managing Partner of LLCP, said, “Kyle Smith and the entire Nothing Bundt Cakes team have built a truly unique business that is positioned for continued growth, with an incredible culture built around great people. The Nothing Bundt Cakes investment has been very successful for LLCP with exceptional same-store sales growth and robust franchise development. This was driven by the efforts of the Company’s management team along with value creation initiatives, including technological enhancements, menu innovation, supply chain improvements, and the introduction of corporate stores through both strategic M&A and de novo openings. We are grateful for everything the management team and founder, Dena Tripp, have done to create value for its shareholders, bakery owners, and guests. We wish the team all the best in their next chapter.”
Kyle Smith, President and CEO of Nothing Bundt Cakes, commented, “Today marks an important milestone for the Company, and we would like to thank LLCP for their close relationship with our team and for their valuable contributions and strategic insight over the years. LLCP’s deep expertise in franchising combined with their management-centric approach made for the perfect partner in scaling our business and further developing our one-of-a-kind brand.”
North Point served as the lead financial advisor, with support from Baird, and Honigman LLP served as legal counsel to Nothing Bundt Cakes in connection with the sale.