Consumer-focused buyout house L Catterton bought into pancake and waffle mix brand Kodiak Cakes. The company’s existing shareholders including Sunrise Strategic Partners, Trilantic North American and the company’s founders and management team will continue to own a significant minority stake.
The company said Kodiak started when eight-year-old Joel Clark began selling his mother’s hand-milled pancake mix door-to-door from a little red wagon in 1982. The brand aims to inspire healthier eating and active living by providing products that are 100% whole-grain and powered by protein.
Kodiak is available nationwide in US in retailers including Target, Walmart and Costco.
Andrew Taub, Managing Partner at L Catterton, said, “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.”
The company said Kodiak appeared on Emmy Award-winning entrepreneurial-themed reality show Shark Tank in 2013 and was named as one of the most valuable “ones that got away” during the show’s 12-year run. Its revenue has since grown more than 50x.
L Catterton recently sealed a rapid return in the sale of hot sauce maker Cholula for $800m to trade buyer McCormick & Company after an 18-month hold.
The firm was in sight of its $4bn goal for its L Catterton IX raise last October, but is yet to announce a final close for the fund.
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