LOS ANGELES, May 14, 2021 /PRNewswire/ -- Levine Leichtman Capital Partners ("LLCP"), a Los Angeles-based private equity firm, announced today that it has sold its portfolio company NBC Holdings, LLC ("Nothing Bundt Cakes" or the "Company") to Roark Capital ("Roark").
Nothing Bundt Cakes is the market-leading franchisor and operator of gourmet bakeries offering specialty Bundt Cakes and retail gift items. The Company's products are handcrafted and baked on-site daily with high quality ingredients and proprietary formulations distributed by its in-house facilities. Nothing Bundt Cakes currently has nearly 400 locations in the U.S. and Canada. The Company was founded in 1997 and is headquartered in Addison, Texas.
Matthew Frankel, Managing Partner of LLCP, said, "Kyle Smith and the entire Nothing Bundt Cakes team have built a truly unique business that is positioned for continued growth, with an incredible culture built around great people. The Nothing Bundt Cakes investment has been very successful for LLCP, with exceptional same-store sales growth and robust franchise development. This was driven by the efforts of the Company's management team along with value creation initiatives, including technological enhancements, menu innovation, supply chain improvements, and the introduction of corporate stores through both strategic M&A and de novo openings. We are grateful for everything the management team and founder, Dena Tripp, have done to create value for its shareholders, bakery owners, and guests. We wish the team all the best in their next chapter."
Kyle Smith, President and CEO of Nothing Bundt Cakes, commented, "Today marks an important milestone for the Company, and we would like to thank LLCP for their close relationship with our team and for their valuable contributions and strategic insight over the years. LLCP's deep expertise in franchising combined with their management-centric approach made for the perfect partner in scaling our business and further developing our one-of-a-kind brand."
North Point served as the lead financial advisor, with support from Baird, and Honigman LLP served as legal counsel to Nothing Bundt Cakes in connection with the sale.
About Levine Leichtman Capital Partners
Levine Leichtman Capital Partners, LLC is a middle-market private equity firm with a 37-year track record of successfully investing across various targeted sectors, including franchising, professional services, education and engineered products. LLCP utilizes a differentiated Structured Private Equity investment strategy, combining debt and equity capital investments in portfolio companies. This unique structure provides a less dilutive solution for management teams and entrepreneurs, while delivering growth and income with a significantly lower risk profile.
LLCP's global team of dedicated investment professionals is led by seven partners who have worked at LLCP for an average of 21 years. Since inception, LLCP has managed approximately $11.7 billion of institutional capital across 15 investment funds and has invested in over 90 portfolio companies. LLCP currently manages $8.2 billion of assets – including its most recent flagship fund, Levine Leichtman Capital Partners VI, L.P., which closed in 2018 with $2.5 billion of committed capital – and has offices in Los Angeles, New York, Chicago, Charlotte, Miami, London, Stockholm and The Hague.
SOURCE Levine Leichtman Capital Partners