US-based sports and active nutrition company, 1440 Foods, has successfully secured investment from private-equity business Bain Capital.
Both parties have officially entered into a “definitive agreement,” wherein Bain Capital will acquire “a substantial stake in the company,” joining forces with the current shareholder, 4×4 Capital.
Specific financial details were not revealed.
Bain Capital stated that the transaction is expected to conclude this month, subject to the fulfillment of “customary closing conditions.”
Adam Nebesar, a partner at Bain Capital, expressed the investment group’s goal of establishing 1440 Foods as a leading force in the active lifestyle nutrition market.
1440 Foods offers a variety of products encompassing Pure Protein RTDs, whey powders, and snack bars, as well as MET-Rx meal replacement supplements and high-protein shakes from Body Fortress.
Previously under the ownership of the US-based supplements group The Bountiful Company, 1440 was acquired by 4×4 Capital in 2021.
After the Bain Capital deal, Alex Medicis, co-founder of 4×4 Capital, will continue to serve as the chairman of the 1440 Foods board.
In a statement, Medicis said, “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.”
Bain Capital stated that the investment will not affect the leadership of the protein bar maker, assuring that CEO Azania Andrews and her management team will persist in guiding the group.
The recent agreement, according to Azania Andrews, CEO of 1440, will empower the company to embark on a “new phase in our journey of growth.”
“Our vision is to become the go-to choice for people seeking flavourful, functional, and convenient nutrition as part of a balanced lifestyle,” she said.
“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.”
Within the private-equity firm’s portfolio is the Vietnamese Masan Group, receiving a $200 million investment in October. In the previous year, Bain Capital secured a minority stake in the US sous-vide group Cuisine Solutions and currently possesses Valeo Foods, the manufacturer of Kettle crisps and Jacob’s crackers.