Friday May 24th, 2024 8:42AM

Dessert Holdings Acquires Kenny’s Great Pies

By The Associated Press

ST. PAUL, Minn. & SMYRNA, Ga.--(BUSINESS WIRE)--May 15, 2024--

Dessert Holdings ®, North America’s premium dessert company, today announced that it has acquired Kenny’s Great Pies (“Kenny’s” or “the Company”), a premier manufacturer of high quality, clean label, cream-based pies from Kaho Partners. The acquisition will complement Dessert Holdings’ existing platform of premium dessert brands serving retail and food service customers. Kenny’s will continue to operate under its current management team led by Gary Muter. Financial terms of the transaction were not disclosed.

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Established in 1989, Kenny’s signature product is its Key lime pie made with 100% pure, freshly squeezed, authentic Key limes. With humble beginnings in a one-bedroom apartment, Kenny’s has expanded its product set and today sells millions of branded and private label pies through diverse channels. The Company operates out of a state of the art, purpose-built facility with newly installed automated mixing and filling lines in Smyrna, Georgia.

“Kenny’s clean label, flavorful pies are complementary to our portfolio of premium desserts,” said Paul Lapadat, Chief Executive Officer of Dessert Holdings. “Kenny’s has established a distinctive market position, fostering a number of long-standing relationships with leading foodservice and retail operators, and major clubs in North America, earning a loyal consumer following. Dessert Holdings is excited to supplement these relationships and expand the Company’s distribution network.”

Dessert Holdings’ varied portfolio of premium dessert brands includes Steven Charles, The Original Cakerie, Lawler’s, Atlanta Cheesecake Company, and Dianne’s Fine Desserts.

“We are excited to become a part of a leading premium desserts platform in North America, and we believe Dessert Holdings’ experience and complementary product portfolio provides specialist expertise to help us accelerate our growth,” said Muter. “We see an incredible opportunity to further promote Kenny’s all natural differentiated product offerings and signature Key lime pie that will pull consumers to store bakeries.”

“Since our initial investment in Dessert Holdings, the business has grown tremendously,” said Adam Nebesar, a Partner at Bain Capital, which acquired Dessert Holdings in June 2021. “We are very pleased with the Desserts Holdings performance to date and look forward to partnering with Gary and the Kenny’s team to support their growth ambitions.”

PwC served as accounting advisor, and Ropes & Gray LLP as legal advisor to Dessert Holdings. Integris Partners served as financial advisor, and Holland & Knight served as legal advisor to Kenny’s Great Pies.

About Dessert Holdings

Dessert Holdings® is North America’s premium dessert company, recognized for providing our retail and foodservice customers with chef-inspired innovative desserts made with real ingredients, a flexible supply chain, and best-in-class service. Based in St. Paul, Minnesota, Dessert Holdings is an umbrella organization of five premium dessert brands: Steven Charles, The Original Cakerie, Lawler’s Desserts, Atlanta Cheesecake Company, Dianne’s Fine Desserts, and Kenny’s Great Pies. Together, the companies serve more than 250 customers in the United States, Canada, Mexico, the Caribbean, South America and Asia.

About Kenny’s Great Pies

Established in 1989 by Kenny Burts, Kenny’s Great Pies is the premier manufacturer of premium, cream-based, clean label pies. The Company’s signature product is its Key lime pie, which is made with 100% pure, freshly squeezed, authentic Key limes. Kenny’s Great Pies has leveraged the popularity of its Key lime pie to extend into other flavors such as lemon, mango, coconut cream, peanut butter, and chocolate silk.

About Bain Capital

Bain Capital, LP is one of the world’s leading private multi-asset alternative investment firms that creates lasting impact for our investors, teams, businesses, and the communities in which we live. Since our founding in 1984, we’ve applied our insight and experience to organically expand into numerous asset classes including private equity, credit, public equity, venture capital, real estate, life sciences, insurance, and other strategic areas of focus. The firm has offices on four continents, more than 1,750 employees and approximately $185 billion in assets under management. To learn more, visit www.baincapital.com.

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CONTACT: Media:

Charlyn Lusk

Stanton

(646) 502-3549

[email protected]

KEYWORD: UNITED STATES NORTH AMERICA MINNESOTA GEORGIA

INDUSTRY KEYWORD: BANKING SUPPLY CHAIN MANAGEMENT RESTAURANT/BAR OTHER RETAIL PROFESSIONAL SERVICES SUPERMARKET DEPARTMENT STORES CONVENIENCE STORE FOOD/BEVERAGE SMALL BUSINESS RETAIL FINANCE

SOURCE: Dessert Holdings

Copyright Business Wire 2024.

PUB: 05/15/2024 01:00 PM/DISC: 05/15/2024 01:01 PM

http://www.businesswire.com/news/home/20240515725201/en

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