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GREENWICH, Conn., Nov. 1, 2024 /PRNewswire/ -- Union Capital Associates, L.P., a lower middle market private equity firm, (together with its affiliates, "Union Capital") today announced that it has completed the sale of two of its portfolio companies, FITCRUNCH and Bakery Barn, to 1440 Foods, a portfolio of sports and active nutrition brands owned by Bain Capital and 4x4 Capital. Terms of the transaction were not disclosed.
Union Capital acquired both a majority stake of Bakery Barn and a significant minority stake in FITCRUNCH in 2019 and has worked alongside management of both companies to accelerate their evolution into leaders in the nutrition bar industry. Specifically, Union Capital utilized its team of industry and functional operating executives to enact several value-creating operational enhancements to both FITCRUNCH and Bakery Barn. These include significantly improving capacity utilization, expanding product distribution, growing market share and developing and opening a second, fully automated production facility in 2022. Together, these actions more than tripled production capacity and reach across the companies' distribution network.
Matt Cruny, Bakery Barn's Chief Executive Officer, reflected, "Union Capital played an integral role working with my team in redefining and expanding our capacity utilization by focusing on the products and quantities that ran most efficiently at our first manufacturing facility. As FITCRUNCH's revenue and demand continued to rapidly grow, we worked closely with the Union Capital team to design and build a second, fully automated production facility to fulfill the increasing demand from FITCRUNCH."
FITCRUNCH's Chief Executive Officer, Patrick Cornacchiulo, stated, "We have been able to realize tremendous growth working with Union Capital over the past five years, and are grateful for their partnership.
"Having been a part of FITCRUNCH since it was just an idea, it is incredible to see what has been achieved over the past eleven years," said Robert Irvine, Co-Founder of FITCRUNCH. "I am extremely proud of the business our team has built, and the great success we achieved would not have been possible without our partnership with the Union Capital team."
Adding to these sentiments, Union Capital Managing Partner, Jay Landauer, added, "FITCRUNCH and Bakery Barn were ideal fits for our approach and embodied our mission of partnering with strong, founder-owned businesses and working to drive rapid earnings growth through operational refinements and sales expansion. Everyone at Union Capital feels fortunate to have partnered with such talented individuals as Robert, Patrick, Matt and their respective teams. Through all that was thrown at us – rapid growth, COVID-19, supply chain challenges, inflation and the construction of the new facility – FITCRUNCH and Bakery Barn came out stronger at each juncture, a true testament to the dedication of every team member."
Jay Landauer of Union Capital continued, "We are thrilled to have seen Patrick and his team deliver over 30x annual Adjusted EBITDA growth since the time of our investment. At Bakery Barn, Adjusted EBITDA grew over this same period by approximately 4.5x. We wish both businesses the best as they embark on this next chapter."
Piper Sandler & Co. is acting as lead financial advisor to FITCRUNCH and Bakery Barn, with KeyBanc Capital Markets Inc. as co-advisor to Bakery Barn. Finn Dixon & Herling LLP is acting as lead legal counsel to FITCRUNCH and Bakery Barn.
William Blair & Company LLC is acting as lead financial advisor to 1440, and Ropes & Gray LLP is acting as legal counsel to 1440. KPMG is acting as accounting advisor to 1440. Deutsche Bank, Jefferies, Macquarie Capital, and BNP Paribas provided committed debt financing for the transaction and financial advisory services to 1440.
About FITCRUNCH
FITCRUNCH is a leading brand in the health and fitness industry, specializing in high-protein snacks that combine exceptional taste with nutritional benefits. Founded by celebrity chef Robert Irvine, FITCRUNCH is dedicated to creating delicious, protein-packed products designed to fuel active lifestyles. Best known for its signature protein bars, which feature a unique layered design and provide up to 30 grams of protein per serving, FITCRUNCH offers a variety of snacks and supplements that cater to fitness enthusiasts, athletes, and health-conscious consumers. Committed to quality and flavor, FITCRUNCH continues to innovate in the world of nutritious snacking.
About Bakery Barn
Bakery Barn is a manufacturer and distributor of high-protein bars, cookies and brownies and has maintained a differentiated position in the industry as a producer of highly complex six-layer protein bars that lead the nutrition bar industry in taste, texture and innovation. The company operates out of two production facilities located in the Pittsburgh, PA area.
About Union Capital Associates, L.P.
Founded in 1968, Union Capital is a lower middle market private equity firm headquartered in Greenwich, CT. The firm specializes in making investments in and bringing its hands on operational approach to founder and family-owned businesses operating in the food manufacturing, specialty manufacturing and business services industries. The firm targets lower middle market businesses in North America with existing EBITDA of $3-$20+ million, attractive and defensible market positions, favorable growth prospects and stable competitive dynamics. For more information, visit https://unioncapitalassociates.com.
Media Contact:
Taylor Ingraham
ASC Advisors
tingraham@ascadvisors.com
(203) 856-9750
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SOURCE Union Capital Associates, L.P.