Boulder-based natural foods VC firm spins off Kodiak Cakes

BOULDER and PARK CITY, Utah — Sunrise Strategic Partners LLC sold off its majority stake in Kodiak Cakes to private-equity firm L Catterton.

In a statement, Sunrise said it would continue to have a “significant minority stake” in the company alongside fellow investor Trilantic North America and Kodiak’s founders and managers.

It’s unclear how much equity Sunrise has in Kodiak now, or how much it received in exiting the company. The firm declined to provide financial details Wednesday.

Kodiak Cakes is based in Park City, Utah, and makes pancake and waffle mixes with a focus on added protein in each item. Sunrise claims that Kodiak went from $15 million in yearly revenue when it first invested to $200 million in a span of four years.

The Boulder-based Sunrise is co-led by Steve Hughes, an industry veteran who ran Boulder Brands as CEO before it was acquired by what would eventually become a subsidiary of Conagra Brands Inc. (NYSE: CAG) in 2015 for $710 million.

L Catterton is one of the largest consumer brand-focused private-equity firms in the world, with $23 billion in assets under management.

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