Houlihan Lokey Advises Kodiak Cakes

Houlihan Lokey’s Consumer, Food & Retail Group is pleased to announce that Kodiak Cakes (Kodiak), an investee company of Sunrise Strategic Partners, a portfolio company of Trilantic North America, has been acquired by L Catterton. The transaction closed on June 30, 2021.

With a delicious portfolio of 100% whole-grain, protein-powered pancake and waffle mixes, frozen waffles and pancakes, oatmeal, baking mixes, and a variety of snacking products, Kodiak provides its loyal consumers with “Nourishment for Today’s Frontier.” Headquartered in Park City, Utah, Kodiak was built on a mission to enable healthier eating and active living. The brand began when eight year-old Joel Clark began selling his family’s hand-milled flapjack mix door-to-door from a little red wagon, and Kodiak is now proudly sold in 26,000 doors nationwide.

Sunrise Strategic Partners is an accelerator of emerging brands in the healthy, active, and sustainable living space co-founded by Steve Hughes and leading private equity firm Trilantic North America. Sunrise Strategic Partners initially invested in Kodiak Cakes in 2016.

Trilantic North America is a private equity firm focused on control and significant minority investments in North America. Trilantic North America’s primary investment focus is in the business services, consumer, and energy sectors. Trilantic North America has managed six private equity fund families with aggregate capital commitments of $9.7 billion. Trilantic North America has been recognized by Inc. magazine’s 2019 list of Top 50 Founder-Friendly Private Equity Firms.

With over $27 billion of equity capital across its fund strategies and 17 offices around the world, L Catterton is the largest global consumer-focused private equity firm. L Catterton's team of nearly 200 investment and operating professionals partners with management teams around the world to implement strategic plans to foster growth, leveraging deep category insight, operational excellence, and a broad partnership network. Since 1989, the firm has made over 250 investments in leading consumer brands.

Houlihan Lokey served as the exclusive financial advisor to Kodiak and assisted in structuring and negotiating the transaction on its behalf. This deal represents another successful transaction for Houlihan Lokey in the food and beverage industry.