STAMFORD, CONN. — Olympus Partners, a private equity firm that invests in late-stage growth companies and middle-market management buyouts, has acquired Rise Baking Co., a portfolio company of Arbor Private Investment Co. Financial terms of the transaction were not disclosed.

Based in Minneapolis, Rise bakes cookies, dessert bars, artisan bread and flatbread at six facilities for distribution in the United States. The company’s products are sold in the in-store bakery, food service and convenience store channels.

“The Rise management team has built a remarkable business that has led to impressive growth across all of their products and customers,” said Mike Horgan, a partner at Olympus. “Rise is a well-invested and highly attractive business in the bakery sector.”

Michael O. Schultz, chief executive officer of Rise, called Olympus “the right partner” to help the company to grow in the coming years.

“Through consistent organic growth and multiple acquisitions, Rise has emerged as a leader in North American bakery,” said Tim Alexander, a managing director at Harris Williams, a middle market investment bank that advised Rise on the transaction. “With Arbor’s support, management integrated multiple businesses and innovated new products to build a highly sought-after platform. Scalable food companies with runway for organic and acquisition growth are scarce assets garnering significant attention from buyers in the current M.&A. market.”

Brant Cash, a director at Harris Williams, noted that investor interest in the bakery sector is “extremely high.”

“Consumers are demanding higher quality baked goods, and retailers and food service operators need suppliers like Rise to offer upscale bakery items that differentiate from the competition and reduce labor costs,” Mr. Cash said. “Innovative suppliers with quality products are benefiting from the industry dynamics and should continue to see success in this market.”

Rise is part of Arbor Private Investment Co., a Chicago-based specialized private equity firm that focuses on acquiring companies in the food, beverage and related industries. Arbor has acquired or invested in more than 52 food, beverage and related companies in North America since its founding in 1999.