US Stocks: Bain Capital explores sale or IPO of Dessert Holdings, sources say

Bain Capital is considering a sale or initial public offering of ‌its portfolio ⁠company ⁠Dessert Holdings that could value the maker of cakes, pies and cookies at over $3 billion, according to three people familiar with the matter.

The private equity firm has hired investment banks Goldman Sachs and Bank of America to run a ⁠dual-track process, ‌the sources said, requesting anonymity because the deliberations are confidential.


Bain, Dessert Holdings, Goldman ⁠and Bank of America declined to comment.

Private equity ​firm Gryphon Investors launched St. Paul, Minnesota-based ​Dessert Holdings in 2016. Bain acquired the company in 2021, when it operated three brands.

The company, which supplies desserts to grocery stores, restaurants and other foodservice customers across ‌North America, has since expanded to seven brands. It generates over $200 million ​of annual ​earnings before ⁠interest, taxes, depreciation and amortization and roughly $1 billion in annual revenue, the sources said.

The brands include Steven Charles, ​The Original Cakerie, Lawler's Desserts, Atlanta Cheesecake Company, Dianne's Fine Desserts, Kenny's Great Pies and Willamette Valley Pie Company.