Forward Consumer Partners has acquired artisanal baked goods maker Firehook Bakery.
Alexandria, Virginia-headquartered Firehook was founded by Pierre Abushacra in 1992 as a neighborhood bakery specializing in organic sourdough breads and simply made baked goods. Over the past decade, Firehook has expanded nationally at a 50% CAGR and is now the leading brand of artisanal crackers in the United States. Firehook bakes all its products in-house and is Organic, Non-GMO Project Verified, Kosher, and SQF certified.
Mr. Abushacra will retain a minority ownership stake in Firehook in partnership with Forward. “In identifying a partner to shepherd Firehook’s next phase of growth, it was essential to find a team who could support our mission of continuing to build an exceptional business rooted in quality and transparency,” said Mr. Abushacra. “Forward shares our vision and, most importantly, our values. Their track record of helping grow iconic consumer brands makes the firm an ideal partner as we continue to propel our business forward.”
With the closing of the transaction, Maura Mottolese has become Firehook’s new chief executive officer. From 2019 to 2021, Ms. Mottolese was the CEO of Cholula Food Company, a New Jersey-based maker of hot sauces, salsa and seasoning mixes and a former portfolio company of L Catterton. Choula was sold in November 2020 to spice, seasoning, and condiment maker McCormick & Company. From 2014 to 2019 she was the CEO of Tate’s Bake Shop, a Long Island-based maker of cookies and desserts and a past portfolio company of The Riverside Company. Tate’s Bake Shop was sold to snack food maker Mondelēz International in June 2018. Earlier in her career Ms. Mottolese held senior positions at Cadbury Schweppes, Snapple and Labatt Brewing.
“It is a true privilege to join a business with such a rare combination of existing success and future opportunity,” said Ms. Mottolese. “I look forward to building on the strong foundation that Pierre and team have created as we strengthen the Firehook brand, expand the company’s capabilities, and grow its loyal base of consumers.”
Other executives joining Firehook at closing are Terry Bigham – formerly of Cholula, Tate’s Bake Shop, and Carbone – as chief growth officer, and Ellen Howse – formerly of Godiva, Hello Products, and Dewey’s Bakery – as chief marketing officer.
The acquisition of Firehook is Forward’s first acquisition for its inaugural fund, Forward Fund I LP, which closed at its hard cap of $425 million in December 2023.
Greenwich, Connecticut-headquartered Forward invests in consumer brands that have annual revenues from $25 million to $250 million. Sectors of specific interest include food and beverage, personal care, consumer health, beverage alcohol, household products, apparel and accessories, pet, and enthusiast products. Forward was founded in January 2023 by Managing Partner Matt Leeds, a former partner at L Catterton where he invested in numerous brands including Cholula, Kodiak Cakes, Everlane, and Inspired Pet Nutrition.
“We could not be more excited to partner with Pierre and the talented individuals who comprise the Firehook team,” said Mr. Leeds, the founder and managing partner at Forward. “We are grateful to have pursued this unique opportunity on a fully proprietary basis and are honored to be entrusted with the next chapter in Firehook’s journey.”
Seattle-based Novelty Hill Capital, a middle-market investment bank and financial advisory firm that specializes in the consumer, industrial and agribusiness sectors, was the financial advisor to Firehook. Novelty Hill is led by founder, CEO and managing director Michael Barber.
“This transaction demonstrates our commitment to prioritizing our client’s vision, while leveraging our extensive M&A expertise to achieve their strategic goals,” said Mr. Barber, “It represents more than just a transaction. It’s a significant advancement for both Firehook and the artisanal food industry and exemplifies our ability to deliver the most favorable results for our clients.”
Houlihan Lokey was the financial advisor to Forward and Kirkland & Ellis provided legal services. The Kirkland team was led by investment funds partners Matt Nadworny and Brian Delaney and associate Nathan Wolcott.
© 2024 Private Equity Professional | April 26, 2024
