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Union Capital Closes Sale of Chef Robert Irvine’s FITCRUNCH and Bakery Barn to 1440 Foods – citybiz

Union Capital Closes Sale of Chef Robert Irvine’s FITCRUNCH and Bakery Barn to 1440 Foods – citybiz

Union Capital Associates, LP, a lower middle market private equity firm, today announced that it has completed the sale of two of its portfolio companies, FITCRUNCH and Hambar Bakeryto 1440 Foodsa portfolio of sports and active nutrition brands owned by Bain Capital and 4×4 Capital. Terms of the deal were not disclosed.

Union Capital acquired both a majority stake in Bakery Barn and a significant minority stake in FITCRUNCH in 2019. and works alongside the leadership of both companies to accelerate their evolution into leaders in the snack bar industry. Specifically, Union Capital leveraged its team of industry and functional operations leaders to implement several value-creating operational improvements 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 the companies’ production capacity and distribution network reach.

Matt CrooneyCEO of Bakery Barn, reflects, “Union Capital has been instrumental in working with my team to redefine and expand our capacity utilization by focusing on the products and quantities that work most efficiently in our first production facility. As FITCRUNCH’s revenue and demand continued to grow rapidly, we worked closely with the Union Capital team to design and build a second, fully automated manufacturing facility to meet FITCRUNCH’s growing demand.”

CEO of FITCRUNCH, Patrick Cornaciulostated: “We have been able to realize tremendous growth working with Union Capital over the past five years and are grateful for their partnership.

“I’ve been a part of FITCRUNCH since it was just an idea, it’s amazing to see what has been achieved in the last eleven years,” said Robert Irvineco-founder of FITCRUNCH. “I am extremely proud of the business our team has built, and the great success we have achieved would not have been possible without our partnership with the Union Capital team.”

Adding to these sentiments, Union Capital’s managing partner, Jay Landaueradded, “FITCRUNCH and Bakery Barn were a perfect fit for our approach and embodied our mission to partner with strong founder-owned businesses and work to drive rapid earnings growth through operational improvements and sales expansion.” Everyone at Union Capital feels fortunate to partner with such talented individuals as Robert, Patrick, Matt and their respective teams. Through everything that was thrown at us – rapid growth, COVID-19, supply chain challenges, inflation and the construction of the new site – FITCRUNCH and Bakery Barn came out stronger every moment, 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 achieve over 30x annual adjusted EBITDA growth since our investment. At Bakery Barn, adjusted EBITDA grew during the same period by approximately 4.5 times. We wish both businesses the best as they embark on this next chapter.”

Piper Sandler & Co. acting as lead financial advisor to FITCRUNCH and Bakery Barn, with KeyBanc Capital Markets Inc. as co-consultant of Bakery Barn. Finn Dixon & Herling LLP acted as lead legal counsel to FITCRUNCH and Bakery Barn.

William Blair & Company LLC acted as lead financial advisor to 1440 and Ropes & Gray LLP acted as legal advisor to 1440. KPMG acted as accounting advisor to 1440. Deutsche Bank, Jefferies, Macquarie Capital and BNP Paribas provided committed debt financing for the transactions and financial advisory services at 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 a famous chef Robert IrvineFITCRUNCH is dedicated to creating delicious, protein-packed products designed to fuel an active lifestyle. 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 taste, FITCRUNCH continues to innovate in the world of nutritious snacks.

About Bakery Barn

Bakery Barn is a manufacturer and distributor of high protein bars, cookies and brownies and maintains a differentiated position in the industry as a manufacturer of highly complex six-layer protein bars that lead the food bar industry in taste, texture and innovation. The company operates from two production bases located in Pittsburgh, Pennsylvania area.

About Union Capital Associates, LP

Founded in 1968, Union Capital is a lower middle market private equity firm headquartered in Greenwich, Connecticut. The firm specializes in making investments and applying an operational approach to founder and family businesses operating in the food, specialty manufacturing and business services industries. The company is aimed at lower middle market businesses in North America with an existing EBITDA of $3-$20+ million, attractive and defensible market positions, favorable growth prospects and stable competitive dynamics. For more information visit

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