Private equity company KKR has finalised a deal to purchase US bakery chain Nothing Bundt Cakes from Roark Capital in a transaction valued at more than $2bn, The Wall Street Journal (WSJ) reported, citing 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.
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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 took ownership of the chain in 2021. The company, a prominent player in restaurant investments, has holdings in Dave’s Hot Chicken and Inspire Brands, the owner of Jimmy John’s, Arby’s and Dunkin’.
In August 2023, the private equity company also reached an agreement to acquire fast food restaurant chain Subway.
Roark had been exploring strategic options for Nothing Bundt Cakes, including a potential sale, since at least October 2025.
At that time, it engaged advisers North Point and Bank of America to manage the sale process.
The bakery chain also divested nine company-owned bakeries in the San Diego market to private equity company FS Investors in May 2025.
By contrast, KKR has made fewer moves in restaurant-focused assets in recent years. In 2024, it invested in Indian cloud-kitchen operator Rebel Foods, which runs delivery-only brands.
