Global private investment firm Platinum Equity and Butterfly, a Los Angeles-based private equity firm specialising in the food sector are to acquire bakers products supplier Rise Baking Company (Rise).
Platinum Equity and Butterfly will be equal partners in the investment. Financial terms of the transaction have not been disclosed.
Founded in 2013 and based in Minneapolis, Minnesota, Rise supplies cookies, pies, cakes, icings, muffins, crispy bars, and more, to in-store bakeries and foodservice customers throughout North America. Rise, which has completed 10 acquisitions since its founding, will continue to operate under its current management team, led by Chief Executive Officer Brian Zellmer.
The transaction is expected to close in Q4 2024.
Rise was advised by Morgan Stanley & Co. LLC as lead financial advisor in addition to Harris Williams. Houlihan Lokey and Stifel are serving as financial advisors to Platinum Equity and Butterfly, and Bank of America Securities is providing financing for the acquisition. Gibson, Dunn & Crutcher LLP and Simpson Thacher & Bartlett are serving as legal advisors to Platinum Equity and Butterfly and Willkie Farr & Gallagher LLP is providing debt financing counsel.
