US private-equity firm Forward Consumer Partners has recently acquired a majority stake in Firehook Bakery, a local baker and cracker maker based in Virginia. Pierre Abushacra, the founder of Firehook, will still retain a significant minority ownership stake in the company. The financial terms of the acquisition have not been disclosed.
In a statement, Abushacra highlighted the importance of finding a partner who shares the vision of continuing to build a business focused on quality and transparency. The investment firm noted that Firehook has demonstrated impressive growth, achieving a 50% CAGR over the past decade.
As part of the transition, Firehook has appointed Maura Mottolese as its new CEO. Mottolese brings a wealth of experience, having previously served in leadership roles at companies such as Belgian Boys, Casper’s Ice Cream, and Aloha.
According to Mottolese’s LinkedIn profile, she served as the chief executive of Cholula Food Company from 2019 to 2021, and prior to that, she held the CEO position at Tate’s Bake Shop for five years.
Mottolese expressed enthusiasm about the opportunity to lead Firehook, citing the company’s strong foundation and potential for growth. She looks forward to strengthening the Firehook brand, expanding its capabilities, and growing its customer base.
In addition to the new CEO, Firehook has expanded its executive team with the appointment of Terry Bigham as chief growth officer and Ellen Howse as chief marketing officer. The company has also welcomed Matt Leeds, the founder of Forward Consumer Partners, as the chairman of Firehook.
The deal represents the first acquisition from Forward’s $425 million Fund I, which the firm mentioned was oversubscribed. Leeds expressed excitement about the partnership with Firehook and the opportunity to be part of the company’s journey.
Forward highlighted that Firehook bakes all its products in-house and maintains a commitment to using organic, non-GMO, and Kosher ingredients.
This acquisition marks a significant milestone for Firehook Bakery as it looks to capitalize on its past successes and drive future growth under the guidance of Forward Consumer Partners. The partnership between the two entities is set to pave the way for further development and expansion within the baking industry.
