One Equity Partners agreed to acquire CraftMark Bakery, marking its latest investment in the growing frozen bakery segment.

The Indianapolis-based company supplies a range of bakery products—including dough, cookies, muffins, and flatbreads—to foodservice and retail bakery clients across the U.S.
CraftMark operates one of the industry’s most advanced facilities, with seven production lines and more than 500 million pounds of annual capacity. One Equity Partners plans to scale the business through organic initiatives and acquisitions, tapping into what it views as a large and fragmented market.

“CraftMark is well-positioned in the baked goods space, and we look forward to supporting its blue-chip customer base while expanding its footprint,” said Joseph Huffsmith, Partner at One Equity Partners.

CEO Kurt Seagrist welcomed the investment and noted that OEP’s experience in specialty baked goods makes it an ideal partner for the company’s next growth phase.

The deal is expected to close in Q2 2025, subject to customary conditions. Steel City Private Credit is providing debt financing, while Harris Williams advised CraftMark. Kirkland & Ellis and KPMG advised OEP.