Nothing Bundt Cakes Sold to KKR for $2B

KKR has agreed to acquire Nothing Bundt Cakes, the Dallas-based bundt cake chain, in a deal reported at a $2 billion valuation. The chain operates about 700 units.

The transaction is described as a rare exit for Roark Capital, which acquired Nothing Bundt Cakes in 2021. Nothing Bundt Cakes was founded in 1997 and grew from 390 locations at Roark’s acquisition to 643 locations at the end of 2024, up nearly 19% year over year. The brand is mostly franchised, generating steady royalty income from franchisees.

Neither Roark nor KKR commented on the acquisition terms.