PE-Backed 1440 Foods Acquires FITCRUNCH
Private equity firm 4×4 Capital is adding to its active nutrition empire as it brings FITCRUNCH to the protein-heavy portfolio of 1440 Foods (formerly the sports nutrition division of The Bountiful Company).
The financial details of the deal were not disclosed, but it marks the exit of Greenwich, Conn.-based Union Capital Associates which acquired a majority stake in Bakery Barn and a “significant minority stake” in FITCRUNCH in 2019.
Founded by celebrity chef Robert Irvine and active nutrition maker Bakery Barn in 2012, FITCRUNCH offers a suite of high-protein brownies, bars, wafers and powders. The brand will join 1440 Foods’ portfolio of similarly positioned products under the MET-Rx, Pure Protein and Body Fortress brands.
“1440’s vision is built on four pillars: strong brands, a complete product portfolio, deep retailer relationships and efficient operations,” said 4×4 Capital co-founder and chairman of the board Alex Medicis in a press release. “FITCRUNCH brings additional strength in all these areas to help shape the future of ‘better-for-you’ snacking and meal replacement.”
Moving forward, FITCRUNCH CEO Patrick Cornacchiulo will be 1440 Foods’ new chief executive, replacing former Anheuser-Busch executive Azania Andres, who led 1440 Foods from May 2022 until June 2024, according to her LinkedIn profile.
“FITCRUNCH has cemented its position as a leading active nutrition brand through strong performance across retail channels in a highly fragmented and growing market,” said Cornacchiulo in a statement.
4×4 Capital bought The Bountiful Company’s sports nutrition business — MET-Rx, Pure Protein, Body Fortress and Balance Bar — in October 2021 from prior owners KKR and The Carlyle Group. The investment was part of 4×4 Capital’s Fund I and was renamed 1440 Foods.
In February 2023, 4×4 Capital acquired Yelloh! (formerly known as Schwan’s Home Delivery), but the Minnesota-based, frozen food delivery business was recently shut down after 72 years.
Last December, Bain Capital Private Equity acquired a “significant stake” in 1440 Foods with 4×4 Capital remaining as an investor and operator of the existing three brands (Balance Bar appears to be discontinued as its website is “in construction,” and it was not listed as one of 1440 Foods’ brands).
The addition of FITCRUNCH appears to be part of a larger strategy for 1440 Foods to dominate the sports nutrition segment in bars and shakes to powders and cookies.
Although there are redundancies in 1440 Foods’ portfolio makeup, the deal will help FITCRUNCH scale in new ways under a vertically integrated company, said Charis Consumer Collaborative founder and CEO Ben Rudman in a X (formerly Twitter) post.
“Given product complexity [FITCRUNCH] could never price as competitively as peers,” Rudman wrote. “By being vertical they could build in their margin while avoiding ‘tolling giveaway.’”
