CIC Partners has agreed to sell CraftMark Bakery, a commercial bakery based in Indianapolis, to One Equity Partners.
CraftMark manufactures private label frozen doughs and fully baked products for national quick-service restaurants (QSRs), in-store bakeries, and foodservice distributors.
The company’s products include frozen pre-portioned cookie dough, thaw-and-sell wrapped cookies, pre-deposited muffin batter, toaster flatbreads, and freezer-to-oven sandwich carrier bread dough.
CraftMark was launched in 2013 by CIC in partnership with Operating Partner Bennie Bray and industry veterans Ahmad Hamade and Jim Zakian. In 2015, CraftMark opened its 225,000-square-foot facility, equipped with three automated production lines to serve major clients such as Subway. A fourth line was added in 2016, followed by a 120,000-square-foot expansion and three additional production lines in 2018.
Today, CraftMark, led by CEO Kurt Seagrist, operates from a 345,000-square-foot facility in Indianapolis with more than 400 employees, seven automated production lines, and over 500 million pounds of production capacity.
“Our partnership with the CraftMark founders is representative of our unique partnership model with founder-led businesses and industry leaders,” said Amir Yoffe, a partner at CIC Partners. “We strive to be the partner of choice for executives and entrepreneurs seeking a strategic capital partner to execute on their vision and achieve their goals.”
CIC Partners, based in Dallas, makes equity investments of $5 million to $50 million in companies that have revenues of $10 million to $500 million and EBITDA of $5 million to $50 million. Sectors of interest include food manufacturing and service companies; multi-unit restaurant and retail operating companies; and niche healthcare service providers.
“We’re not constrained by the traditional PE model of short-term hold and exits,” added Mr. Yoffe. “We focus on building companies for the long-term, with a focus on doing the right thing for its customers, employees and shareholders. Together, we were able to achieve our vision for CraftMark in building the businesses into the most advanced commercial bakery in North America.”
“Our investment in CraftMark presents an opportunity to participate in the attractive foodservice and in-store bakery segments each with considerable growth potential,” said Joseph Huffsmith, a partner at One Equity Partners. “CraftMark has established itself as a leader in the baked goods production space.”
One Equity Partners is a middle-market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. Its typical equity investments range from $30 million to $300 million. In April 2022, OEP closed its latest fund, One Equity Partners VIII LP, with committed capital of $2.75 billion. The fund was oversubscribed and closed above its increased hard cap. OEP, which has offices in New York, Chicago, Frankfurt, and Amsterdam, spun out of JP Morgan in 2015 and has completed more than 300 transactions globally since its founding in 2001.
The sale of CraftMark Bakery is expected to close in the second quarter of 2025.
© 2025 Private Equity Professional | March 27, 2025
