US-based venture capital firm Boulder Food Group (BFG) Partners has completed the sale of pancake and waffle mixes producer Birch Benders to Sovos Brands, a food company backed by private equity firm Advent International.

The financial details of the deal have not been disclosed by the companies.

Birch Benders, which is based in Denver, Colorado, US, was founded in 2011 by Matt LaCasse (CEO) and Lizzi Ackerman (CMO). The company manufactures pancake and waffle mixes, toaster waffles and baking cups.

All its food products are claimed to be organic, plant-based, non-GMO, protein, paleo, and keto alternatives.

Birch Benders partnered with BFG in early 2015. Since then, the company’s monthly sales are said to have increased more than 100 times as its product set expanded from five pancake mix stock keeping unit (SKUs) to more than 20 SKUs across three grocery categories.

BFG Partners founder and managing partner Tom Spier said: “Working with Matt, Lizzi and the Birch Benders team for the last six years has been rewarding both personally and professionally.

“We were lucky to partner with Birch Benders as a very early-stage company and have been impressed by their brand vision, thoughtful innovation and the ability to champion an exceptional leadership team.