Arbor Investments Announces Acquisition of Golden Malted and Heartland Waffles

June 20, 2023

Arbor Investments (“Arbor”), a specialized private equity firm that focuses exclusively on investing in food, beverage, and related industries announced today the acquisition of Golden Malted and Heartland Waffles companies from Roch Capital. The combined entity (the “Company”) is the largest supplier of waffle irons and waffle mix to the hospitality and foodservice industry. Terms of the transaction were not disclosed.

Headquartered in Glen Mills, Pennsylvania, the Company provides a comprehensive turnkey waffle program consisting of mixes, toppings, and flavorings along with waffle iron equipment and related maintenance to over 40,000 customer locations throughout North America. The Company’s renowned irons and mixes have been used in leading restaurants, hotels, colleges, and theme parks for over 85 years.

With the acquisition, Arbor’s Senior Operating Partner Tim Fallon will assume the role of Chairman and Interim CEO of the Company. Senior leadership of Golden Malted-Heartland will continue in their operating roles leading the business.

“As prolific investors in the food industry, we’ve long admired this business and are very impressed with the national footprint it has built, especially in the hotel breakfast sector. Who doesn’t love a freshly-made waffle in the morning?” said Fallon. “With its superior equipment, quality mixes and outstanding customer service and repair model, the Company offers a compelling value proposition to its customers. We see significant opportunity to leverage Arbor’s in-house resources and expertise to help the Company further penetrate the broader foodservice industry and rapidly accelerate growth.”

Arbor’s deep food and beverage expertise, extensive experience operating specialty distribution businesses, and current portfolio of companies with strong relationships across the hospitality and foodservice industry made this an attractive platform investment for the firm.

“We are incredibly excited to bring Golden Malted-Heartland into the Arbor portfolio. Our specialized approach will enable us to further expand the Company’s distribution, innovate its product offerings, and optimize the supply chain,” said Arbor Vice President George Russell. “We see a growing appetite for the Company’s signature waffle products across foodservice segments – from hospitality to restaurants to colleges and beyond. We look forward to partnering with the Golden Malted-Heartland team to continue providing their hospitality and foodservice customers with customized waffle programs that elevate their menus, enhance profits, and differentiate the guest experience.”

The transaction marks Arbor’s sixth platform investment out of the firm’s fifth equity investment fund.

Kirkland & Ellis served as Arbor’s legal counsel in connection with the transaction. Piper Sandler served as financial advisor and Holland & Knight served as legal counsel to Golden Malted and Heartland Waffles.