Building the Company
When Gryphon Investors acquired Canadian dessert maker The Original Cakerie in 2015, the operation looked much different than it does today. Since then, they installed a new CFO and finance team, established a holding company, acquired two more businesses and completely changed the approach to analyzing and operating the business.
A key component of the transformation was the implementation of EBM’s Catalyst software solution, which was one of the first orders of business after the acquisition. From the start, Catalyst enabled the Original Cakerie to graduate from the basic accounting practices they had been using for years, to the advanced analytics and reporting required by the private equity firm and lenders.
According to CFO Chris Rogers, who was installed by Gryphon shortly after the acquisition. “One of the problems we wanted to address immediately was the reporting. What they were producing wasn’t timely, it was cumbersome, and it was lacking depth. We had a lot of difficulty seeing issues and opportunities. The question was, how could they get the level of reporting they needed without having to add a bunch of people? That’s when Catalyst was brought in.”
As the company grew, they decided to acquire another business, Lawler Desserts (Houston, TX) and establish a holding company to manage the two businesses. A new challenge arose, as Lawler Desserts had a different ERP system and financial structure, so Catalyst came into play once again. Catalyst was put over the top of Lawler’s ERP, allowing the new management team to seamlessly view and manage both businesses under a single structure.
The holding company, of course, was established with the mindset that they would likely be acquiring more businesses down the road, and opportunity called once again in 2018 when Dessert Holdings decided to acquire Atlanta Cheesecake Company. During the sale, Dessert Holdings used the Catalyst software as a key part of the due diligence on the potential acquisition.