KKR Nears Deal for Nothing Bundt Cakes at $2 Billion

Private equity firm KKR is set to buy Nothing Bundt Cakes from Roark Capital for about $2 billion, FranchiseWire recently reported. The deal highlights how attractive franchise brands have become for investors.

Nothing Bundt Cakes has expanded rapidly in recent years. The brand reached 700 locations in 2025, up from about 390 stores when Roark Capital bought it in 2021. Much of that growth has come from franchisees, who own and operate most of the locations. In 2024 alone, the company added more than 100 new stores.

The brand was founded in 1997 by Debbie Shwetz and Dena Tripp, who started baking cakes at home in Las Vegas. Today, it is known for its variety of flavors and simple product lineup, including full-size cakes and Bundtlets.

One reason the company stands out is its unit economics. Stores that have been open for at least two years average about $1.4 million in annual sales. That level of performance has made it appealing to both franchisees and investors.

KKR has invested in a range of restaurant and food-related businesses. This acquisition adds another established franchise brand to its portfolio.

Roark, meanwhile, continues to focus on large franchise systems. Its holdings include brands like Subway and Dunkin'. The firm is also reportedly considering taking its Inspire Brands platform public, which could raise around $2 billion.

Read the full article here.

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