Private equity firm FS Investors has acquired nine company-owned bakeries in the San Diego market from Nothing Bundt Cakes and announced plans to build 16 additional bakeries in the San Diego area. Financial terms of the transactions were not disclosed.

Nothing Bundt Cakes said the deals with FS Investors represent a “key milestone in the brand’s long-term growth strategy” and positions the company “to further accelerate expansion in one of its most promising regions.”

“As owners and operators who live in the San Diego area, we are tremendously excited to add the Nothing Bundt Cakes brand to our family of companies,” said a spokesperson for FS Investors. “The opportunity to be owners in this fast-growing concept — with strong return-on-capital characteristics for new bakery builds — is very exciting for us. We look forward to bringing joy to the San Diego community through this award-winning product and guest experience.”

Dolf Berle, chief executive officer of Nothing Bundt Cakes, said the company is focused on accelerating growth after adding 100 new locations in 2024.

“Selling our San Diego company-owned bakeries to FS Investors gives them a platform from which they can build a significant number of new bakeries in this region,” Berle said. “FS Investors brings deep knowledge of the San Diego market, a strong cultural alignment with Nothing Bundt Cakes, and a commitment to growth. Their local roots and track record as operators make them ideal stewards of the brand in Southern California. We are delighted to partner with FS Investors to build out the San Diego region in the coming years.”