Private Equity Firm KKR Acquires Nothing Bundt Cakes for $2 Billion

The popular bakery chain known for its rich, moist cakes is expanding its footprint under new ownership.

Mar. 28, 2026 at 2:03pm

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The U.S. private equity firm KKR has struck a deal to acquire the Dallas-based bakery chain Nothing Bundt Cakes from Roark Capital for more than $2 billion, including debt. Founded in 1997, Nothing Bundt Cakes is known for its rich, moist cakes topped with thick cream cheese frosting, focusing on takeout desserts and celebrations rather than dine-in meals.

Why it matters

The acquisition of Nothing Bundt Cakes by KKR represents a significant investment in the growing bakery and specialty dessert market, as consumer demand for premium baked goods continues to rise. The deal also highlights Roark Capital's strategy of investing in well-known food and retail brands and then selling them at a profit.

The details

According to Reuters, KKR has agreed to acquire Nothing Bundt Cakes from Roark Capital, which had acquired the chain in 2021. Founded in 1997 by friends Dena Tripp and Debbie Shwetz, Nothing Bundt Cakes has over 600 locations across the U.S. and is known for its rich, moist cakes and cream cheese frosting. The chain focuses on takeout desserts and celebrations rather than dine-in meals. Roark Capital, an Atlanta-based private equity firm, has been trying to sell the bakery chain for several months.

  • Nothing Bundt Cakes was founded in 1997.
  • Roark Capital acquired the chain in 2021.
  • KKR has now agreed to acquire Nothing Bundt Cakes from Roark Capital in 2026.

The players

KKR

A U.S. private equity firm that has agreed to acquire Nothing Bundt Cakes for more than $2 billion, including debt.

Roark Capital

An Atlanta-based private equity firm that acquired Nothing Bundt Cakes in 2021 and is now selling the chain to KKR.

Dena Tripp and Debbie Shwetz

The two friends who founded Nothing Bundt Cakes in 1997.

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What’s next

The acquisition is expected to close in the coming months, allowing KKR to expand the reach and operations of Nothing Bundt Cakes across the United States.

The takeaway

The sale of Nothing Bundt Cakes to KKR for over $2 billion demonstrates the continued investor interest in the bakery and specialty dessert market, as consumers seek out premium baked goods. This deal also highlights Roark Capital's strategy of acquiring and growing well-known food and retail brands before selling them at a profit.