HexagonCapitalAlliance2025年夏季烘焙食品市场并购监测报告英文版

CapitalRaise

StrategicAdvisory

Mergers&Acquisitions

BakedGoods

MarketMonitor

Summer2025

2

COMMENTARY

BakedGoodsMarketTrends

U.S.BakedGoodsM&ATransactionVolumebyBuyerType

Commentary

30

25

20

15

10

5

-

26

4

21

Despiteheadwindsresultingfromnewlyimplementedtariffpoliciesaswellasanevolvingregulatoryenvironment,M&AactivitywithintheBakedGoodssectorhasremainedresilient,outpacingthatofthebroaderFood&Beverageindustry.

19

18

13

16

1

9

6

2019

16

6

6

4

2022

5

16

7

12

8

2

9

5

4

1

20232024YTD

May-24

DuetothehighlyfragmentednatureoftheBakedGoodssector,privateequity-backedplatformcompanieshaveemergedasanactivebuyertype.NotableexamplesincludeLegacyBakehouse(BenfordCapitalPartners),SweetmoreBakeries(ShoreCapitalPartners)andCommercialBakeries(GrahamPartners).

8

9

9

12

2

4

6

2020

14

8

2021

ValuationmultiplesofpubliclytradedBakedGoodscompanieshaveincreased12%sinceJanuary1st,recentlysurpassingthoseoftheirCPGcounterparts.

NotableRecentTransaction

6

1

5

YTD

May-25

oneEquity"

hasbeenacquiredby

7

20172018

OnMarch25,2025,middlemarketprivateequityfirmOneEquityPartners(“OEP”)announceditagreedtoacquireCraftMarkBakery(“CraftMark”),anIndianapolis-basedsupplierofbakeryproductsforquickservicerestaurantsandin-storeretailbakeries,fromfellowinvestmentfirmCICPartners.

StrategicBuyerPrivateEquityBuyerPrivateEquityAdd-On

Foundedin2013,CraftMarkisaleadingmanufactureroffrozenbakedgoodsincludingbreaddough,cookiedough,pre-depositedmuffins,flatbreadandready-to-eatcookies.CraftMark’shighlyautomated345,000sq.ft.facilitycontainssevenproductionlineswithatotalcapacityofover500millionlbs.Thecompanyemploysover400bakers.

“TheNorthAmericanfrozenbakeryspaceisalarge,growingandfragmentedmarketinwhichOEPhaspreviousexperience.OurinvestmentinCraftMarkpresentsanopportunitytoparticipateintheattractivefoodserviceandin-storebakerysegmentseachwithconsiderablegrowthpotential,”saidJosephHuffsmith,PartneratOneEquityPartners.

Source:S&PCapitalIQ,Mergermarket,companyfilingsandpressreleases

TRANSACTION

ACTIVITY

SelectRecentBakedGoodsM&ATransactions

Date

Target

Acquiror

Enterprise

Value($M)

EV/Rev

EV/

EBITDA

Description

AcquirorComments

Announced

oneEquity"

N/A

N/A

N/A

IN-basedwholesaleproducerofbreaddough,cookiedough,muffins,flatbread,bakedcookiesandfilleddoughforcustomersnationwide.

“OurinvestmentinCraftMarkpresentsanopportunitytoparticipateintheattractivefoodserviceandin-storebakerysegmentseachwithconsiderablegrowthpotential.”

Announced

$35,900

2.8x

16.4x

Globalleaderinsnacking,cerealandfrozenfoodswithiconicbrands,includingPringles,Cheez-It,Pop-Tarts,Eggo,RXBARandothers.

“InwelcomingKellanova’sportfolioofgrowingglobalbrands,wehaveasubstantialopportunityforMarstofurtherdevelopasustainablesnackingbusinessthatisfitforthefuture.”

Jun-25

N/A

N/A

N/A

PA-basedproducerofprivatelabeldonutsservicingadiversifiedcustomerbaseacrossretailandfoodservicechannelsnationwide.

“WewillcontinuetolookforinterestinginvestmentopportunitieswithinthebakerycategorytofurtherestablishMapleDonutsasavalue-addedpartnertoitscustomers.”

Apr-25

N/A

N/A

N/A

Canada-basedmanufacturerofhigh-qualityseasonal,soft-bakedandeverydaycookies.

“HollandiaBakeriesenablesthecombinedbusinesstoexpanditscapabilitiesandcapitalizeonthegrowingtrendtowardshigh-qualityprivatelabelbakedsnacks.”

Feb-25

$795

3.3x

N/A

IL-basedmarket-leadingnaturalbrandofferingpremiumbetter-for-youcrackers,cookies,snackbarsandbakingmixes.

“Withleadingmarketpositionsandabundantwhitespaceforfuturegrowth,SimpleMillsperfectlyfitsourstrategyofaddingcompellingbrandsinbetter-for-you

”

segments.

3

TRANSACTION

ACTIVITY

SelectRecentBakedGoodsM&ATransactions

Date

Target

Acquiror

Enterprise

Value($M)

EV/Rev

EV/

EBITDA

Description

AcquirorComments

Feb-25

N/A

N/A

N/A

MA-basedmanufacturerofhigh-qualitydessertsincludingcakes,tartsandindividualdesserts.

“Thisacquisitionmarksanimportantfirststepintothe

U.S.market.Our

strategyistogrowfurtherinNorthAmericabothorganicallyandthroughacquisitionsinthe

”

comingyears.

Feb-25

N/A

N/A

N/A

WI-basedcontractandprivatelabelmanufacturerofpremiumcookiesfortheretailchannel.

“ClassicCookie’sprimarychannels,includingnationalretail,vending,contractmanufacturing,privatelabel,andfundraisingarecomplementarytoLegacy’s.”

Jan-25

N/A

N/A

N/A

AZ-basedwholesalemanufacturerofauthenticMexicanpastriesandbakedgoodsincludingcookies,breadsandmuffins.

“Azteca’sdifferentiatedassortmentcomplementsourportfoliowithhigh-growthcategoriesthatarehighlysoughtbyour

”

customers.

Nov-24

N/A

N/A

N/A

LA-basedmanufacturerofartisanalbakedgoodsincludingbreads,croissants,pretzelsandpastries.

“RöckenwagnerhasbreadsandcroissantsandpretzelsandsweetsinGelson’sandWholeFoodswhilealsosupplyingpopularchainrestaurantslikeTheCheesecakeFactoryandMendocinoFarms.”

Nov-24

$2,500

N/A

N/A

MN-basedbakedgoodsmanufacturerproducingabroadportfolioofproductsforin-storebakeriesandfoodservicecustomers.

“WeviewRiseasanestablishedleaderwithimpressivescaleandastrongfoundationwithalotmoreroomtogrowbothorganicallyandthroughadditionalM&A.”

4

TRANSACTION

ACTIVITY

SelectRecentBakedGoodsM&ATransactions

Date

Target

Acquiror

Enterprise

Value($M)

EV/Rev

EV/

EBITDA

Description

AcquirorComments

Oct-24

N/A

N/A

N/A

NY-basedmanufacturerofcustomizedpizzadoughballs,pre-formedcrustsandshellsservingpizzarestaurants,conveniencestoresandfoodserviceoperators.

“Welovebusinessesthathelpretailandfoodserviceoperatorspulllaboroutoftheiroperations–DeIorio’shasatonof

”

momentum.

Oct-24

N/A

N/A

N/A

PA-basedmanufacturerofpremiumartisanalbiscottiandbakedgoodsspecializinginindulgentchocolateandinclusions-enhancedbiscotti.

“ThecomingtogetherofNonni’sBakerywiththeFerreroextendedfamilyreturnsNonni’stoitsItalianrootsandplantsourgreatbrandsintothemostfertilesoilforcontinuedgrowth.”

Sep-24

N/A

N/A

N/A

IL-basedcontractmanufactureroffrozenpizzasforconveniencestoresandbrandedcustomersservingtheretailchannel.

“Welookforwardtotheprospectofaddingtooursuccessfultrackrecordinthepizzaspace,withourpriorportfoliocompany,RichelieuFoods.”

Aug-24

N/A

N/A

N/A

IN-basedmanufacturerofcookies,snackbars,crunches,toppingsandinclusioningredientsforretail,foodserviceandprivatelabelendmarkets.

“Asacombinedplatform,wewillbeabletoscaleservices,buildadditionalproductcapabilitiesandunlockaccesstoalargeraddressablemarket.”

Jul-24

N/A

N/A

N/A

MA-basedmanufacturerofpies,specializingin4-inchsnackpiesand8-inchto10-inchdessertpies.

"Asoursecondpieacquisition,we'reeagertogrowoursliceofthepieindustry,unlockingnewpossibilitieswhilepreservingthevaluedheritageoftheTableTalkbrand."

5

TRANSACTION

ACTIVITY

SelectRecentBakedGoodsM&ATransactions

Date

Target

Acquiror

Enterprise

Value($M)

EV/Rev

EV/

EBITDA

Description

AcquirorComments

May-24

N/A

N/A

N/A

WashingtonD.C.-basedproducerofhigh-qualityEuropeanbreads,rollsandbreakfastpastries.

“Aftermorethan80yearsofgrowthinmorethan35countries,wehavenowagreatopportunitytoscaleourexpertiseandfurtherexpandourinternationalfootprinttotheNorthAmericanmarket.”

May-24

N/A

N/A

N/A

CA-basedmanufactureroffrozenbakerydessertsandbakedgoodinclusionsthataresoldintothein-storebakeryatsupermarketsandconveniencestores.

“Chaletisacategoryleaderandwelookforwardtosupportingthegrowthofthebusinessthroughadd-onacquisitions,organicgrowthinitiativesandinvestmentsincapacity”

May-24

N/A

N/A

N/A

GA-basedmanufacturerofhigh-quality,cleanlabel,cream-basedpiesspecificallyKeylimepiesmadefrom100%pure,freshlysqueezedauthenticKeylimes.

“Kenny’shasestablishedadistinctivemarketposition,fosteringanumberoflong-standingrelationshipswithleadingfoodserviceandretailoperatorsandmajorclubsinNorthAmerica.”

May-24

N/A

N/A

N/A

NE-basedmanufacturerofready-to-eatbakedgoodsthroughgroceryin-storebakeries,foodserviceprovidersandco-packpartnerships.

“Withalonghistoryofdrivingvalueforitsstrategicretailpartnersthroughbakedgoodsinnovation,quality,andservice,J.Skinnerisnowequippedforitsnextstageofproductandcapabilityexpansion.”

May-24

N/A

N/A

N/A

CA-basedcontractmanufacturerofbrandednutritionandproteinbars,bakedbarsandcookiesandwaferbars.

“WeseesignificantvalueinbringingtogetherTruFoodandBarBakerstocreateasinglecompanythathasthecapabilitiesandexpertisetoleadthisindustryintheyearsahead.”

6

Date

Target

Acquiror

Enterprise

Value($M)

EV/Rev

EV/

EBITDA

Description

AcquirorComments

May-24

N/A

N/A

N/A

GA-basedwholesalebakeryspecializinginproducinghighqualitycinnamonrollsandotheryeast-raisedsweetgoodsfortopretailchains.

“Ourgoalistoservetheverybestretailandfoodservicecustomerswithhighqualitybakedgoods.”

May-24

N/A

N/A

N/A

UT-basedmanufacturerofhigh-quality,gluten-freesweetbakerygoodsforgrocerystoresnationwide.

“Weareexcitedtoenterthegluten-freecategoryandbuildonourexpertiseinmeetingspecificdietaryneedswithdelicious,freshbakedgoods.”

May-24

N/A

N/A

N/A

OH-basedmanufacturerofspecialty,premiumandbetter-for-youcrackers,cookies,biscuitsandbrittle.

“WeviewImagineBakingasahighlycomplementarybusinessestotheCommercialBakeriesplatformthatwillultimatelystrengthenandscaleits

”

offerings

.

May-24

N/A

N/A

N/A

NJ-basedmanufacturerofpremium,clean-labelfreezer-to-ovencroissant,Danishesandotherpastries.

"Banneton'soperationsandofferingshighlycomplementourownbusinessinNorthAmerica,withasharedfocusonqualityandonauthenticEuropean-stylepastry

”

products

.

Jan-24

N/A

N/A

N/A

IL-basedmanufacturerofspecialtybakingingredientproducts,includingsuchascakeandpastryfillings,marzipanandalmondpaste.

“WelookforwardtocombiningtheresourcesofSaco’sbest-in-classsharedservicesplatform,alongwithcross-sellingopportunitiesforSolo’sproductsine-commerceandtraditionalretail.”

7

VALUATIONMETRICS

MarketData–MedianEV/TTMRevenue

3.5x

BakedGoods

CPG

2022Average

1.18x

2.29x

2023Average

1.26x

2.08x

2024Average

1.15x

2.05x

2025YTDAverage

1.12x

1.85x

May31,2025

1.20x

1.70x

——BakedGoods——CPG

3.0x

2.5x

EV/TTMRevenue

2.0x

1.5x

1.0x

0.5x

-

Jan-20

Jul-20

Jan-21

Jul-21

Jan-22

Jul-22

Jan-23

Jul-23

Jan-24

Jul-24

Jan-25

8

Source:S&PCapitalIQ,companyfilings

VALUATIONMETRICS

MarketData–MedianEV/TTMEBITDA

20.0x

BakedGoods

CPG

2022Average

8.9x

13.4x

2023Average

9.6x

12.1x

2024Average

8.8x

10.7x

2025YTDAverage

8.6x

9.5x

May31,2025

9.2x

9.0x

BakedGoods——CPG

18.0x

16.0x

EV/TTMEBITDA

14.0x

12.0x

10.0x

8.0x

6.0x

4.0x

Jan-20

Jul-20

Jan-21

Jul-21

Jan-22

Jul-22

Jan-23

Jul-23

Jan-24

Jul-24

Jan-25

9

Source:S&PCapitalIQ,companyfilings

VALUATIONMETRICS

PublicCompanyIndex–BakedGoods

$inmillions,exceptpersharedata

CompanyName

5/31/25

Share

Price

MarketCap

EnterpriseValue

TTMData

TTMGrowth

EVMultiple

SalesGrossProfitGrossMarginEBITDA

EBITDAMargin

Sales

TTMSales

TTMEBITDA

GrupoBimbo,S.A.B.deC.V.

$2.80

$12,052

$21,460

$20,472

$10,85753.0%$2,863

14.0%

6.1%

1.05x

7.5x

LotusBakeriesNV

$10,337.00

$8,398

$8,606

$1,275

$49739.0%$244

19.1%

15.9%

NM

NM

Gruma,S.A.B.deC.V.

$18.85

$6,685

$8,161

$6,388

$2,50039.1%$1,143

17.9%

(3.8%)

1.28x

7.1x

LancasterColonyCorporation

$167.40

$4,615

$4,532

$1,887

$44723.7%$288

15.3%

0.7%

2.40x

15.7x

YamazakiBakingCo.,Ltd.

$22.57

$4,459

$4,388

$8,391

$2,72732.5%$607

7.2%

4.2%

0.52x

7.2x

FlowersFoods,Inc.

$16.90

$3,568

$5,693

$5,081

$2,52349.7%$523

10.3%

(1.0%)

1.12x

10.9x

ARYZTAAG

$103.13

$2,551

$3,399

$2,272

$48621.4%$283

12.4%

2.1%

1.50x

12.0x

Median

$4,615

$5,693

$5,081

$2,500

39.0%

$523

14.0%

2.1%

1.20x

9.2x

Average

$6,047

$8,034

$6,538

$2,863

36.9%

$850

13.8%

3.5%

1.31x

10.1x

10

Source:S&PCapitalIQ,companyfilings

Note:SalesMultiplelistedasNMifitexceeds5.0x;EBITDAMultiplelistedasNMifitexceeds30.0x

VALUATIONMETRICS

PublicCompanyIndex–CPG

11

Source:S&PCapitalIQ,companyfilings

$inmillions,exceptpersharedata

CompanyName

5/31/25

Share

Price

MarketCap

EnterpriseValue

TTMData

TTMGrowth

EVMultiple

SalesGrossProfitGrossMarginEBITDA

EBITDAMargin

Sales

TTMSales

TTMEBITDA

MondelezInternational,Inc.

$67.49

$87,387

$106,019

$36,464

$11,93732.7%$5,634

15.5%

0.9%

2.91x

18.8x

TheKraftHeinzCompany

$26.73

$31,636

$50,597

$25,434

$8,79434.6%$6,369

25.0%

(4.2%)

1.99x

7.9x

GeneralMills,Inc.

$54.26

$29,713

$43,628

$19,644

$6,95035.4%$4,206

21.4%

(2.6%)

2.22x

10.4x

Kellanova

$82.63

$28,668

$34,702

$12,632

$4,63136.7%$2,373

18.8%

(2.7%)

2.75x

14.6x

TheJ.M.SmuckerCompany

$112.61

$11,984

$19,923

$8,788

$3,48939.7%$2,212

25.2%

7.1%

2.27x

9.0x

ConagraBrands,Inc.

$22.89

$10,927

$19,023

$11,737

$3,13026.7%$2,139

18.2%

(3.1%)

1.62x

8.9x

TheCampbell'sCompany

$34.04

$10,150

$17,362

$10,225

$3,13130.6%$1,855

18.1%

8.6%

1.70x

9.4x

PostHoldings,Inc.

$110.59

$6,162

$12,472

$7,885

$2,29429.1%$1,302

16.5%

1.5%

1.58x

9.6x

TreeHouseFoods,Inc.

$22.46

$1,134

$2,698

$3,325

$55616.7%$318

9.6%

(2.1%)

0.81x

8.5x

B&GFoods,Inc.

$4.21

$336

$2,332

$1,883

$40921.7%$268

14.2%

(7.1%)

1.24x

8.7x

TheHainCelestialGroup,Inc.

$1.87

$169

$896

$1,615

$36522.6%$132

8.2%

(8.5%)

0.55x

6.8x

Median

$10,927

$19,023

$10,225

$3,131

30.6%

$2,139

18.1%

(2.6%)

1.70x

9.0x

Average

$19,842

$28,150

$12,694

$2,437

29.7%

$4,153

17.3%

(1.1%)

1.79x

10.2x

12

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A26-yearfirmwith

professionalswithmorethan

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experienceinmiddlemarket

mergers&acquisitionsand

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