Roark Capital, an Atlanta‐based private equity firm with $25 billion in assets under management, has acquired Nothing Bundt Cakes from Levine Leichtman Capital Partners, a Los Angeles-based private equity firm. Financial terms of the transaction were not disclosed.

Founded in 1997 and based in Addison, Texas, Nothing Bundt Cakes is a franchisor of gourmet bakeries offering specialty Bundt cakes and related merchandise items in more than 390 locations in the United States and Canada. The company’s products are hand-crafted and baked on-site with ingredients and proprietary formulations distributed by its in-house distribution operation.

“Roark is a best-in-class partner that shares our values of transparency and excellence and has deep expertise with its incredible portfolio of brands,” says Kyle Smith, chief executive officer of Nothing Bundt Cakes. “We look forward to working with them to enhance support for our bakery owners and continue growing our system while maintaining the joy-giving experience our brand has offered guests for nearly 25 years.”

Clay Harmon, managing director at Roark, says, “Nothing Bundt Cakes is a special brand with delicious products that are beloved by guests. We have great admiration for what Kyle and his team have accomplished and are excited to partner with them.”

Nothing Bundt Cakes is Roark’s 29th restaurant investment and 92nd franchise/multi-location brand. The company’s current investments include Inspire Brands (parent company of Arby’s, Baskin-Robbins, Buffalo Wild Wings, Dunkin’, Jimmy John’s, Rusty Taco and Sonic Drive-In) and Focus Brands (parent company of Auntie Anne’s, Carvel, Cinnabon, Jamba, Moe’s Southwest Grill, McAlister’s Deli and Schlotzsky’s).

Levine Leichtman Capital Partners acquired Nothing Bundt Cakes in the fall of 2016.

“Kyle Smith and the entire Nothing Bundt Cakes team have built a truly unique business that is positioned for continued growth, with an incredible culture built around great people,” says Matthew Frankel, managing partner at Levine Leichtman. “The Nothing Bundt Cakes investment has been very successful for LLCP, with exceptional same-store sales growth and robust franchise development. This was driven by the efforts of the company’s management team along with value creation initiatives, including technological enhancements, menu innovation, supply chain improvements, and the introduction of corporate stores through both strategic M&A and de novo openings. We are grateful for everything the management team and founder, Dena Tripp, have done to create value for its shareholders, bakery owners and guests. We wish the team all the best in their next chapter.”