1440 Foods receives investment from Bain Capital Private Equity
1440 Foods, the parent company of such sports and active nutrition brands as Pure Protein, Met-Rx and Body Fortress, has signed a definitive agreement for Bain Capital Private Equity to acquire a significant stake, in partnership with existing investor and operator 4x4 Capital.
As part of the agreement, the company will continue to be led by CEO Azania Andrews and her current management team.
“We are excited about this new phase of our growth journey. Our vision is to become the go-to choice for people seeking flavorful, functional, and convenient nutrition as part of a balanced lifestyle,” said Andrews. “Bain Capital shares our vision and their deep expertise supporting the growth of global consumer brands will help us to expand our product offerings reaching more consumers in more occasions and channels, building upon our strong momentum as a leading lifestyle nutrition company."
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The transaction is expected to close in December and is subject to customary closing conditions. Debt financing for the transaction is being provided by Fortress Investment Group.
“1440 Foods’ innovative brands sit at the intersection of two consumer megatrends: first the growth of on-the-go snacking; and second the pursuit of healthier lifestyles, and as part of that consumers’ realization that protein is critical to total body wellness,” said Adam Nebesar, a partner at Bain Capital. “We are thrilled to partner with Azania and 4x4 Capital to continue to build and grow 1440 Foods as a market leader in active lifestyle nutrition.”
UBS Investment Bank is serving as a financial advisor, KPMG is serving as an accounting advisor and Ropes & Gray is serving as legal counsel to Bain Capital. PJT Partners is serving as financial advisor and Sidley Austin is serving as legal counsel to 1440 Foods and 4x4 Capital.
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“1440 Foods has gone from strength to strength since we acquired the business, with impressive revenue growth and substantially improved profitability,” said Alex Medicis, who co-founded 4x4 Capital and will continue to serve as chairman of the board of directors of 1440 Foods. “This achievement is a testament to how we support management teams to create value through top-line growth and operational excellence. We look forward to continuing to create value at 1440 Foods, in partnership with Bain Capital, as the 1440 Foods team accelerates its goals of shaping the future of ‘better for you’ snacking and meal replacement.”