WESTERVILLE, OHIO — T. Marzetti Co., a wholly-owned subsidiary of Lancaster Colony Corp., has acquired Bantam Bagels, L.L.C. for $34 million. Based in New York City, Bantam Bagels makes frozen mini stuffed bagels and mini stuffed pancakes for distribution to retail and food service channels.

In addition to the $34 million purchase price, Lancaster said the transaction includes contingent consideration in the form of an additional earn-out payment that is tied to the future financial performance of Bantam Bagels.

“We are extremely excited to add Bantam Bagels to our specialty foods business,” said David A. Ciesinski, chief executive officer of Lancaster Colony. “Bantam Bagels is a fast-emerging company that provides us with an entry into the large and growing frozen breakfast category. Their established relationship with Starbucks in the food service channel is another positive that positions Bantam Bagels for future expansion. We are thrilled to welcome Nick, Elyse and Bantam Bagels to our family of Lancaster Colony companies and look forward to a successful future together.”

Husband wife Nick and Elyse Oleksak founded Bantam Bagels in 2013 as a retail shop offering miniature New York City bagel balls stuffed with cream cheese. A year after the shop opened, Oprah Winfrey featured Bantam Bagels on her Oprah’s Favorite Things 2014 list. That following January, Mr. and Ms. Oleksak appeared on “Shark Tank,” pitching the concept to the television show’s celebrity panel of investors with the hopes of winning financial backing and support for the business venture. Following the “toughest, most rigorous interview we have ever experienced,” the pair secured a deal with Lori Greiner, a prolific inventor dubbed the “Queen of QVC” shopping network. Ms. Greiner offered the company $275,000 in exchange for 25% equity.

Before appearing on the show, Bantam Bagels had sales of $200,000. Eight months later, the company’s sales surged to more than $2.1 million. Today, the company’s sales are approximately $20 million.

The company since has grown into an operation that has nationwide distribution in traditional grocery, club stores, e-commerce and food service.

Lancaster Colony said Bantam Bagels’ mini stuffed bagels, pancakes and Egg Bites add “disruptive innovation” to Lancaster Colony’s core portfolio of frozen bread products and provide “a strong complement” to the company’s New York Brand Bakery and Sister Schubert’s brands.

Lancaster Colony said the acquisition is expected to be neutral to its earnings per share in the fiscal year ending June 30, 2019.