PNC Riverarch Capital has announced the acquisition of a controlling interest in New Carbon Co., a leading provider of waffle and pancake mix to restaurants, hotels, colleges and other foodservice establishments. The deal included equity investments by PNC Riverarch Capital, PPM America Capital Partners and the New Carbon management team.

Founded in 1937, New Carbon provides its Golden Malted brand waffle mix, along with waffle irons and related maintenance, to more than 40,000 customer locations throughout North America. The company’s customer base includes prominent national restaurant chains and lodging operators, as well as independent restaurants and hotels. New Carbon is headquartered in South Bend.

“We are excited to partner with PNC Riverarch,” said Rick McKeel, New Carbon CEO. “They share our vision for the business and have already proven to be a valuable resource as we execute against the various growth opportunities available to the company.”