KKR to Acquire Nothing Bundt Cakes in $2B-Plus Deal

Private equity firm KKR finalizes purchase of bakery chain from Roark Capital.

Mar. 27, 2026 at 9:34am

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Private equity company KKR has finalized a deal to purchase US bakery chain Nothing Bundt Cakes from Roark Capital in a transaction valued at more than $2 billion, according to people familiar with the matter. Founded in 1997, Nothing Bundt Cakes has grown from a single bakery into a network of hundreds of outlets across the US.

Why it matters

The acquisition of Nothing Bundt Cakes by KKR represents a significant move in the private equity space, as the bakery chain has experienced rapid expansion in recent years. The deal also highlights the ongoing consolidation in the restaurant and food service industry, as large investment firms continue to acquire established brands.

The details

According to the company's LinkedIn profile, Nothing Bundt Cakes has more than 500 corporate and franchised bakeries in 40 US states and Canada. Roark Capital, a prominent player in restaurant investments, took ownership of the chain in 2021. The private equity company had been exploring strategic options for Nothing Bundt Cakes, including a potential sale, since at least October 2025. In contrast, KKR has made fewer moves in restaurant-focused assets in recent years, with its most recent investment in the space being a 2024 investment in Indian cloud-kitchen operator Rebel Foods.

  • Roark Capital took ownership of Nothing Bundt Cakes in 2021.
  • In October 2025, Roark Capital engaged advisers to manage the sale process for Nothing Bundt Cakes.
  • In May 2025, Nothing Bundt Cakes divested nine company-owned bakeries in the San Diego market to private equity company FS Investors.
  • In 2024, KKR invested in Indian cloud-kitchen operator Rebel Foods.

The players

KKR

A private equity firm that has finalized a deal to acquire US bakery chain Nothing Bundt Cakes from Roark Capital in a transaction valued at more than $2 billion.

Roark Capital

A prominent player in restaurant investments, with holdings in Dave's Hot Chicken and Inspire Brands, the owner of Jimmy John's, Arby's and Dunkin'. Roark Capital took ownership of Nothing Bundt Cakes in 2021 and has been exploring strategic options for the chain, including a potential sale, since at least October 2025.

Nothing Bundt Cakes

A US bakery chain that has grown from a single bakery into a network of hundreds of outlets across the US and Canada. The company was acquired by Roark Capital in 2021 and is now being sold to KKR in a deal valued at more than $2 billion.

FS Investors

A private equity company that acquired nine company-owned Nothing Bundt Cakes bakeries in the San Diego market in May 2025.

Rebel Foods

An Indian cloud-kitchen operator in which KKR invested in 2024, marking one of the firm's more recent moves in the restaurant-focused asset space.

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What’s next

The acquisition of Nothing Bundt Cakes by KKR is expected to close in the coming months, subject to regulatory approvals and other customary closing conditions.

The takeaway

The deal between KKR and Nothing Bundt Cakes highlights the ongoing consolidation in the restaurant and food service industry, as large private equity firms continue to acquire established brands. The acquisition of the bakery chain by KKR represents a significant move in the private equity space and underscores the continued interest in the food and beverage sector among investment firms.