Levine Leichtman Capital Partners, a Los Angeles-based private equity firm, announced today that it has partnered with management to acquire Nothing Bundt Cakes.
NBC is a market leading franchisor of gourmet bakeries offering specialty Bundt cakes and related merchandise items in over 175 locations in the United States and Canada. The Company’s products are hand-crafted and baked on-site, with high quality ingredients and proprietary formulations distributed by its in house distribution operation. NBC is headquartered in Addison, TX.
NBC is the tenth investment from Levine Leichtman Capital Partners Fund V, L.P. According to Lauren Leichtman, Co-Founder and CEO of LLCP, “We are excited to partner with Dena Tripp (Co-founder), Kyle Smith (President), and the rest of the management team who have led the Company through a period of rapid growth. We look forward to working with management as they continue to increase system-wide sales, expand NBC’s unit count and solidify NBC’s position as the market leading franchisor of gourmet bakeries.”
Dena Tripp will retain significant ownership in the Company and will serve as Chairperson on NBC’s Board of Directors. Regarding the transaction, Tripp commented, “LLCP’s long history of successfully investing in franchise businesses was attractive in selecting our new financial partner. LLCP’s franchise expertise and resources will be critical in helping us move into our next phase of growth.” Kyle Smith added, “My management team and I are very excited to partner with LLCP. Their financial and strategic expertise will add significant value for our bakery owners and to the Company as a whole.”
NBC was advised by Deloitte Corporate Finance and Baker & McKenzie. LLCP was advised by North Point Advisors and Honigman Miller Schwartz and Cohn LLP.
October 5, 2016