Middle-market private equity firm One Equity Partners (OEP) has acquired CraftMark Bakery, an Indianapolis-based wholesale producer of frozen and fresh bakery products, serving quick-service restaurants and in-store retail bakeries across the US.
CraftMark operates a highly automated, state-of-the-art production facility with seven production lines and over 500 million pounds of annual capacity. OEP’s investment will support the company’s management team in expanding its blue-chip customer base and enhancing service offerings through strategic acquisitions and continued investment in core operations.
The North American frozen bakery sector represents a large, growing, and highly fragmented market, according to Joseph Huffsmith, Partner at One Equity Partners.
The transaction is expected to close in Q2 2025, subject to customary regulatory approvals. Financial terms were not disclosed.
Kirkland & Ellis provided legal counsel to OEP, while KPMG acted as accounting and tax advisor. Debt financing is being provided by Steel City Private Credit, a direct lending platform formed by PNC Financial Services and The TCW Group. Harris Williams served as financial advisor to CraftMark.
