Sports and active nutrition brand 1440 Foods has entered into an agreement with Bain Capital Private Equity, which will see the latter acquire a significant stake in the company in partnership with existing investor and operator 4x4 Capital.
The investment from Bain Capital will support further growth of 1440 Foods as it will focus on innovation and expanding the distribution of its products, which include brands such as Pure Protein, MET-Rx, and Body Fortress.
The deal is expected to close in December and is subject to customary closing conditions.
Adam Nebesar, a partner at Bain Capital stated, “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.
1440 Foods is the former sports and active nutrition division of The Bountiful Company that was acquired in 2021 by 4x4 Capital, a New York-based investment platform specialising in the consumer, services, and industrial sectors.
Products offered by the company are designed to support muscle development, recovery, and overall wellness goals.
Andrews added, “Our vision is to become the go-to choice for people seeking flavourful, functional, and convenient nutrition as part of a balanced lifestyle.
“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."
Alex Medicis, co-founder of 4x4 Capital will continue to serve as chair of the board of directors of 1440 Foods.
'Impressive Revenue Growth'
Medicis stated, “1440 Foods has gone from strength to strength since we acquired the business, with impressive revenue growth and substantially improved profitability. [...]
“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.”
Fortress Investment Group is providing debt financing for the transaction, while UBS Investment Bank is serving as financial advisor.
KPMG is serving as accounting advisor, and Ropes & Gray is the legal counsel to Bain Capital.
PJT Partners is serving as financial advisor, and Sidley Austin is the legal counsel for 1440 Foods and 4x4 Capital.