After making several acquisitions over the past few years, Rise Baking Co. itself is being acquired. Global investment firm Platinum Equity and Los Angeles-based private equity firm Butterfly have agreed to acquire the Minneapolis-based company to Stamford-based Olympus Partners.

Financial terms of the transaction, which is expected to close in the fourth quarter of 2024, were not disclosed. Platinum Equity and Butterfly will be equal partners in the investment.

Rise Baking has nearly 4,000 employees and operates 20 manufacturing facilities across North America. The company manufactures products such as cookies, cakes, pies, muffins and icings for in-store bakeries and foodservice customers. The company will continue to operate under its current management team, led by chief executive officer Brian Zellmer.

“We are honored to partner with Brian and the full Rise team to support their expansion by turbo-charging growth both organically and through strategic acquisitions,” said Adam Waglay, co-founder and co-chief executive officer of Butterfly. “As a food-focused and operations-driven investment firm, we have taken a keen interest in the attractive bakery sector, and we are excited to bring our specialized expertise and deep food network to bear to help amplify and accelerate the company’s mission to Rise above its customers’ expectations one bite at a time.”

Butterfly also has invested in Milk Specialties Global, Chosen Foods, MaryRuth Organics, Pete and Gerry’s Organics, Orgain, Bolthouse Farms, Pacifico Aquaculture, and Qdoba.

Rise Baking has made 10 acquisitions since its founding in 2013. Olympus initially invested in Rise Baking in 2018. Acquisitions that followed included Brill, the North American frozen manufacturing business of Dawn Foods, Wonder Brands Holdings Inc. and Table Talk Pies.