L Catterton, a consumer-focused private equity firm, acquires Kodiak Cakes, a food business built on a mission to inspire healthier eating and active living.
Kodiak traces its roots back to 1982, when eight-year-old Joel Clark began selling his mother’s hand-milled pancake mix door-to-door from a little red wagon. Today, the Company fulfils its “Nourishment for Today’s Frontier” brand promise by virtue of a product portfolio that is 100 per cent whole-grain.
The company produces pancake and waffle mixes, frozen waffles and pancakes, oatmeal, baking mixes, and a variety of snacking products.
Headquartered in Park City, Utah, Kodiak is led by CEO Joel Clark 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 brands makes the firm an ideal partner for Kodiak as we continue to propel our business forward.”
L Catterton has experience investing in CPG brands. Current and former CPG investments include Cholula, The Honest Company, Kettle Chips, Zarbee’s, Home Chef, Ainsworth Pet Nutrition, Plum Organics, Wellness Pet Food, YoCrunch, Ferrara Candy Company and Sweet Leaf Tea.