Levine Leichtman Capital Partners, a Beverly Hills-based private equity firm, has sold its chain of gourmet bakeries to Roark Capital, an investor that collects franchised food chains ranging from Sonic Drive-In to Cinnabon.

The Levine Leichtman portfolio company of bakeries, called NBC Holdings, operates 400 Nothing Bundt Cakes franchises in the United States and Canada. The chain is based in Addison, Texas.

Terms of the transaction were not disclosed.

Founders Debra Shwetz and Dena Tripp began Nothing Bundt Cakes in Las Vegas in 1997, simply to “please their family and friends,” according to the company’s website.

The chain, which was acquired by Levine Leichtman in 2016, generates $470 million in sales, according to trade publication Nation’s Restaurant News.

"The Nothing Bundt Cakes investment has been very successful,” Matthew Frankel, managing partner of Levine Leichtman, said in a prepared statement.

Sales growth and “robust franchise development” was driven by technological enhancements, menu innovation, supply chain improvements, and the introduction of corporate stores through both strategic mergers and acquisitions and new openings, Frankel observed.

The company's products are handcrafted and baked on-site daily and distributed by its in-house facilities.

San Francisco-based North Point Advisors LLC served as lead financial advisor, with support from Wisconsin-based investment banking firm Robert W. Baird & Co., and Detroit-based Honigman LLP, which served as legal counsel to Nothing Bundt Cakes in connection with the sale.