Rise Baking Company, a portfolio company of Olympus Partners, has acquired Table Talk Pies.
Family-owned Table Talk operates three automated pie making facilities and specializes in 4-inch snack pies as well as 8-inch to 10-inch dessert pies. In 2019, the company sold 240 million 4-inch pies and 25 million dessert pies in all 50 states, Puerto Rico, Mexico, and Canada.
Table Talk was founded in 1924 and has more than 300 full-time employees with a headquarters facility located near Boston in Worcester, Massachusetts. According to Olympus, Table Talk is one of the country’s leading full-line producers of pies.
“Rise’s commitment to innovation and uncompromising quality aligns perfectly with Table Talk’s values, making this a win-win opportunity that sets Table Talk up for success going forward,” said Isaac Long, the president of Table Talk. “We’re excited to bring our century of experience and expertise in the pie industry to the Rise platform, joining its trusted brands in delivering exceptional quality and continued growth.”
Rise Baking is a manufacturer of cookies, icings, cakes, pies, muffins, brownies, dessert bars, artisan breads, and flatbreads sold through the in-store bakery, foodservice, and convenience store channels. Company owned brands include Brill, South Coast Baking, Best Maid Cookie Company, Henry & Henry, New French Bakery, Bakestone Brothers, and Karp’s. The company, led by CEO Brian Zellmer, is headquartered in Minneapolis.
“We’re excited to welcome Table Talk and its employees to the Rise team,” said Mr. Zellmer. “As our second pie acquisition, we’re eager to grow our slice of the pie industry, unlocking new possibilities while preserving the valued heritage of the Table Talk brand.”
Olympus acquired Rise from Arbor Investments in August 2018 and in August 2021, Rise added on with the buy of Brill, an Atlanta-based maker of cakes, cookies, muffins, icings, glazes and toppings that are sold to retail bakeries and foodservice operators. Brill was acquired from Baker & Baker Group, a portfolio company of Rhone Capital.
In December 2023, Rise acquired two pie-making facilities, located in Kent, Washington, and Brampton, Ontario, from Wonder Brands. Now, including the Table Talk acquisition, the combined business will have 20 manufacturing facilities across the US and Canada with an estimated 3,700 total employees.
“We’re thrilled to see Rise grow in the pie category, continuing to expand their offerings to better serve their customer base,” said Mike Horgan, a partner at Olympus. “The Rise team continues to demonstrate an exceptional ability to create and implement business strategies that grow their existing and newly acquired brands.”
In addition to Mr. Horgan, the Olympus transaction team included Managing Partner Jim Conroy, Partner Griffin Barstis, Vice President Sid Ahuja, and Associate Marty Durkin.
Olympus invests in a range of industries but has a specific interest in business services, consumer products, healthcare services, financial services, industrial services, and manufacturing. The firm was founded in 1988 and is based in Stamford, Connecticut.
© 2024 Private Equity Professional | June 18, 2024
