Cherry Tree Consumer Newsletter: March 2026 Transactions and Valuations

Cherry Tree & Associates | Notable M&A Transactions | March 2026

KKR Acquires Nothing Bundt Cakes for Over $2B

KKR has agreed to acquire Nothing Bundt Cakes, a U.S.-based bakery chain specializing in handcrafted bundt cakes, from Roark Capital in a transaction valued at over $2 billion, including debt. Founded in 1997, Nothing Bundt Cakes operates more than 500 locations across the U.S. and Canada and is expected to generate approximately $120 million in EBITDA. The acquisition marks KKR’s investment in the growing specialty bakery segment and follows Roark’s ownership of the business since 2021.

reuters.com

Malibu Boats Acquires Saxdor Yachts for $175M

Malibu Boats, a manufacturer of recreational powerboats, has acquired Saxdor Yachts, a Finland-based builder of premium adventure dayboats, for approximately $175 million, implying a valuation of 7.2x EBITDA for the 12-month period ending March 31, 2026, plus additional earnout consideration. Saxdor is expected to generate $225–235 million in revenue for the same 12-month period. The acquisition expands Malibu’s global footprint and product portfolio, with Saxdor continuing to operate under its existing leadership.

malibuboatsinc.com

Farmer Brothers Coffee Co. Acquired by Royal Cup for $1.29 per Share

Farmer Brothers Coffee Co. (NASDAQ: FARM), a national roaster, wholesaler, and distributor of coffee and tea, has agreed to be acquired by Royal Cup, a coffee roaster and distributor of specialty beverage products, in an all-cash transaction valued at $1.29 per share. The combination brings together two longstanding players in the coffee industry, enhancing scale, manufacturing capabilities, and nationwide distribution across foodservice, hospitality, and convenience channels.

farmerbros.com

Pelican International Acquires KL Outdoor

Pelican International, a manufacturer of paddlesports equipment, has acquired KL Outdoor, a Michigan-based producer of kayaks and outdoor recreational products, as part of its strategy to build a more integrated North American platform. The combination brings together complementary product portfolios across premium and value segments while expanding manufacturing capacity and distribution capabilities. The addition of KL Outdoor’s operations strengthens Pelican’s supply chain and geographic footprint, positioning the company for continued growth across retail and outdoor recreation markets.

prnewswire.com

Jack and Sage Acquires Kastlfel

Jack and Sage, an outdoor apparel company, has acquired the assets, intellectual property, and inventory of Kastlfel, a sustainable apparel brand focused on responsibly sourced materials. The transaction includes a partnership with Kastlfel’s parent company, Ecocentric Brands, to continue sustainable screen printing operations. The acquisition expands Jack and Sage’s product offering into sustainable basics and logo wear, strengthening its presence across outdoor retail channels.

prnewswire.com

Ascent Sports Group Acquires LiveBarn

Ascent Sports Group, a platform focused on enhancing digital engagement across youth and amateur sports, has acquired LiveBarn, a provider of live and on-demand video streaming and analytics for hockey and other sports venues across North America. The acquisition represents Ascent’s first investment and a foundational step in its strategy to build a more connected sports ecosystem. Ascent plans to expand LiveBarn’s capabilities while investing in technology and user experience to better serve athletes, families, and venues.

prnewswire.com

Henkel Acquires OLAPLEX for $1.4B

Henkel, a global consumer goods company, has agreed to acquire OLAPLEX (NASDAQ: OLPX), a premium, science-driven hair care brand, for approximately $1.4 billion, or $2.06 per share. OLAPLEX operates across professional, specialty retail, and e-commerce channels and generated around $430 million in sales in fiscal 2025. The acquisition expands Henkel’s presence in the premium hair care segment and complements its existing portfolio, with opportunities to accelerate innovation and product development.

henkel.com

Allbirds Acquired by American Exchange Group for $39M

Allbirds (NASDAQ: BIRD), a footwear and lifestyle brand known for sustainable materials, has agreed to sell its intellectual property and certain assets to American Exchange Group, an accessories design, licensing, and manufacturing company, for approximately $39 million. The transaction, which is subject to shareholder approval, is expected to close in the second quarter of 2026.

ir.allbirds.com

Constellation Brands Acquires HOPWTR

Constellation Brands (NYSE: STZ), a leading beverage alcohol company, has agreed to acquire the remaining stake in HOPWTR, a premium non-alcoholic beverage brand infused with hops, adaptogens, and nootropics. HOPWTR has been part of Constellation’s venture portfolio since 2021, and the acquisition reflects the company’s strategy to expand in the fast-growing non-alcoholic segment and meet shifting consumer preferences. The transaction is expected to close in early April 2026.

cbrands.com

Cadre Holdings Acquires Alien Gear Holsters for $10.3M

Cadre Holdings, a manufacturer and distributor of safety equipment for law enforcement, military, and first responders, has agreed to acquire Alien Gear Holsters and certain assets from Tedder Industries for $10.3 million through a bankruptcy auction. Alien Gear produces holsters and related gear for consumer and professional markets and has built a strong direct-to-consumer presence. The acquisition expands Cadre’s product offering and is expected to create operational synergies and growth opportunities. The transaction is expected to close in the second quarter of 2026, subject to court and regulatory approvals.

cadre-holdings.com

Unisport Group acquires Arocam

Unisport Group, a digital commerce and content platform focused on soccer, has acquired Arocam, the operator of WeGotSoccer and a leading omnichannel soccer retailer in the United States. The transaction marks Unisport’s expansion into North America ahead of the 2026 FIFA World Cup, combining its digital media and e-commerce capabilities with Arocam’s nationwide retail presence. Following the acquisition, the business will operate as Unisport Soccer, with plans to accelerate retail expansion and deepen engagement across the U.S. soccer ecosystem.

globenewswire.com

Soles4Souls Acquires Erren Recondition

Soles4Souls, a nonprofit focused on redistributing shoes and apparel to create economic opportunity, has acquired Erren Recondition, a European provider of footwear and apparel reconditioning services. The acquisition expands Soles4Souls’ circular solutions capabilities, enabling brands and retailers to extend product life, reduce waste, and support sustainability initiatives. Erren will continue operating under its brand in Europe, while its capabilities will be integrated into Soles4Souls’ broader platform.

businesswire.com

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