Forward Consumer Partners Acquires Firehook Bakery
April 17 2024 - 8:30AM
Business Wire
Positions Enduring Brand For Continued
Success
Forward Consumer Partners (“Forward” or the “Firm”), a private
investment firm focused on branded consumer businesses, today
announced that it has acquired Firehook Bakery (“Firehook” or the
“Company”), a fast-growing artisan baking business built on an
unwavering commitment to quality. Pierre Abushacra, Firehook’s
founder, will retain a significant minority ownership stake in the
Company going forward.
Firehook was founded in 1992 in Alexandria, Virginia as a
neighborhood bakery specializing in organic sourdough breads and
simply-made baked goods. The Company’s name was inspired by a tool
dating back thousands of years to the first-known bakers, who used
a hook-shaped implement to pull their creations out of clay pots in
sunken fire pits. Fueled by its local success, Firehook expanded
nationally, guided by a commitment to its team of bakers and its
loyal customers.
Firehook has grown at a 50% CAGR over the past decade to become
the #1 brand of artisanal crackers in the U.S., and its small-batch
offerings deliver exceptional crunch, simple ingredients, and
distinctive flavors. Firehook bakes all of its products in-house
and is proudly Organic, Non-GMO Project Verified, Kosher, and SQF
Certified.
“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.”
Concurrent with the closing, Firehook is also pleased to
announce that Maura Mottolese has become Firehook’s new Chief
Executive Officer. Ms. Mottolese has built a distinguished career
in the food and beverage industry, most notably serving as CEO of
Cholula and CEO of Tate’s Bake Shop, among many other successful
roles. Ms. Mottolese remarked: “It is a true privilege to join a
business with such a rare combination of existing success and
future opportunity. 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.” Also at closing, Firehook has expanded
its executive team with the additions of 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.
Firehook marks the first acquisition from Forward’s $425 million
Fund I, which was oversubscribed and closed at its hard cap in
December 2023. Matt Leeds, Forward’s Founder and Managing Partner,
has become Chairman of Firehook. He remarked: “We could not be more
excited to partner with Pierre and the talented individuals who
comprise the Firehook team. 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.”
Firehook was advised by Novelty Hill Capital and Stein Sperling.
Forward was advised by Houlihan Lokey and Kirkland & Ellis.
About Firehook Bakery
Founded in 1992, Firehook is an artisan baking business built on
an unwavering commitment to quality. As the #1 brand of artisanal
crackers in the U.S., Firehook is beloved for its small-batch
offerings which deliver exceptional crunch, simple ingredients, and
distinctive flavors. Firehook bakes all of its products in-house
and is proudly Organic, Non-GMO Project Verified, Kosher, and SQF
Certified. For more information, please visit firehook.com.
About Forward Consumer Partners
Forward is a private investment firm focused on powerful brands
that make beloved products. The Firm was created to help build
enduring consumer businesses, providing each portfolio company with
the partnership, resources, experience, and ambition to make
progress toward its potential. Forward currently manages $425
million of committed capital through its debut fund, which closed
in December 2023. For more information, please visit
forwardconsumer.com.
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