M&A Deal Summary

Bain Capital Private Equity Acquires Dessert Holdings

On April 26, 2021, private equity firm Bain Capital Private Equity acquired food company Dessert Holdings from Gryphon Investors

Acquisition Highlights
  • This is Bain Capital Private Equity’s 3rd transaction in the Food sector.
  • This is Bain Capital Private Equity’s 103rd transaction in the United States.
  • This is Bain Capital Private Equity’s 3rd transaction in Minnesota.

M&A Deal Summary
Date 2021-04-26
Target Dessert Holdings
Sector Food
Buyer(s) Bain Capital Private Equity
Sellers(s) Gryphon Investors
Deal Type Secondary Buyout
Advisor(s) Houlihan Lokey (Financial)

Target

Dessert Holdings

St. Paul, Minnesota, United States
Dessert Holdings is a dessert company, recognized for providing its retail and foodservice customers with chef-inspired innovative desserts made with real ingredients, a flexible and low-cost supply chain, and best-in-class service. It is an umbrella organization of three premium dessert companies and brands: The Original Cakerie, Lawler’s Desserts, and Atlanta Cheesecake Company. Together, the companies serve more than 250 customers in the United States, Canada, Mexico, the Caribbean, South America and Asia. Dessert Holdings was founded in 1979 and is based in St. Paul, Minnesota.

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Buyer(S) 1

Buyer

Bain Capital Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1984
PE ASSETS 44.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Bain Capital Private Equity (BCPE), is the private equity investment arm of alternative asset management firm, Bain Capital. BCPE targets leveraged buyout and growth capital transactions in a wide variety of industries including information technology, communications, media, healthcare, industrial/manufacturing, retail/consumer, and financial services. Bain Capital is based in Boston with additional offices in New York, London, Mumbai, Hong Kong, Shanghai, Tokyo, and Munich.

DEAL STATS #
Overall 195 of 238
Sector (Food) 3 of 5
Type (Secondary Buyout) 48 of 67
State (Minnesota) 3 of 3
Country (United States) 103 of 124
Year (2021) 3 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-05 Aveanna Healthcare

Atlanta, Georgia, United States

Aveanna Healthcare is a provider of pediatric home care with 180 locations in 23 states, and 26,000 caregivers currently serving over 40,000 patients. Aveanna Healthcare was founded in 2016 and is based in Atlanta, Georgia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-28 Proterial

Tokyo, Japan

Proterial engages in the manufacture and marketing of high-grade metal products and materials, electronics and information technology (IT) devices. Proterial was founded in 1910 and is based in Tokyo, Japan.

Buy -

Seller(S) 1

SELLER

Gryphon Investors

San Francisco, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1995
PE ASSETS 9.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Gryphon Investors is a private equity firm focused on making $50 to $500 million of equity or equity-linked investments in middle-market companies. Target transaction situations include traditional buyouts, leveraged build-ups, and growth financings. Gryphon will consider both control and shared-control positions. Sectors of interest include business services, consumer, retail, automotive, chemicals, general manufacturing, healthcare, and hotels. Gryphon Investors was formed in 1995 and is based in San Francisco, California.

DEAL STATS #
Overall 32 of 41
Sector (Food) 3 of 3
Type (Secondary Buyout) 10 of 16
State (Minnesota) 2 of 2
Country (United States) 32 of 41
Year (2021) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-01 Water’s Edge Dermatology

Arcadia, Florida, United States

Water’s Edge Dermatology is a provider of comprehensive dermatology services in over 30 locations in Florida. The company treats patients of all ages suffering from skin diseases, acne, sun damage, skin cancer, vein health issues, as well as those seeking cosmetic and plastic surgery. Water’s Edge Dermatology was founded in 1998 and is based in Arcadia, Florida.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-25 CORA Physical Therapy

Lima, Ohio, United States

CORA Physical Therapy is an outpatient rehabilitation company that uses proven clinical practices and cost-effective treatment protocols to return patients to their jobs and lifestyles as soon as possible. CORA clinics offer a complete range of treatment, including outpatient physical therapy and general rehabilitation, worker’s compensation therapy, sports and auto injury rehabilitation, and rehabilitation for seniors. CORA Physical Therapy was founded in 1997 and is based in Lima, Ohio.

Sell -
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