Specific terms of the transaction, first announced in May 2021, were not disclosed. However, Kodiak's existing shareholders, including Sunrise Strategic Partners (which invested in the brand in 2016), Trilantic North America, and the company's founders and management team, will continue to own a significant minority stake in the company going forward.
Known for its portfolio of whole-grain, protein-fueled pancake and waffle mixes, frozen waffles and pancakes, oatmeal, baking mixes, and variety of snacking products sold in 26,000 doors nationwide, Kodiak Cakes gained mainstream fame for waking up the sleepy pancake and waffle mix category after appearing on Shark Tank in 2013.
Kodiak has grown revenue from $15m in 2016 to $200m last year largely under the investment strategy of Sunrise Strategic Partners, which has led other successful brand exits from its investment fund including Vital Farms, which went public last year.
With approximately $30bn in equity capital including investments in The Honest Company, Cholula hot sauce, Home Chef, Plum Organics, and Sweet Leaf Tea along with global presence, L Catterton will help lead Kodiak Cake's next growth chapter, said Andrew Taub, managing partner at the firm.
"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 Taub.
