CHICAGO — Private equity firm Arbor Investments has acquired Golden Malted and Heartland Waffles companies from Roch Capital. Financial terms of the transaction were not disclosed.

Headquartered in Glen Mills, Pa., Golden Malted-Heartland Waffles is the largest supplier of waffle irons and waffle mix to the hospitality and foodservice industries. The company’s mixes, toppings and flavorings are distributed to more than 40,000 customer locations across North America.

Tim Fallon, senior operating partner at Arbor, will take over as chairman and interim chief executive officer of Golden Malted-Heartland Waffles. Meanwhile, senior leadership of Golden Malted-Heartland Waffles 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,” Mr. Fallon said. “Who doesn’t love a freshly-made waffle in the morning? 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.”

The acquisition marks Arbor’s sixth platform investment out of the firm’s fifth equity investment fund. Headquartered in Chicago, Arbor Investments is a specialized private equity firm that focuses exclusively on acquiring premier companies in the food and beverage industry. The firm has acquired or invested in more than 32 food and beverage companies in North America, including Gold Standard Baking, Inc., Oven Fresh Baking Company, Inc., Mister Cookie Face, PBF Pita Bread Factory Ltd., The New French Bakery, Inc., and Keyes Packaging Group, Inc.

“We are incredibly excited to bring Golden Malted-Heartland into the Arbor portfolio,” said George Russell, vice president of Arbor. “Our specialized approach will enable us to further expand the company’s distribution, innovate its product offerings, and optimize the supply chain. 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.”