GREENWICH, CONN. — Private equity firm Forward Consumer Partners (FCP) has acquired Firehook Bakery, an artisan baking business headquartered in Alexandria, Va. Financial terms of the transaction were not disclosed.

Founded in 1992 as a neighborhood bakery specializing in organic sourdough bread and other baked foods, Firehook said it has grown at a 50% compound annual growth rate over the past decade to become a leader in the US artisanal crackers category. The company bakes all its products in-house and is organic, Non-GMO Project verified, kosher and SQF certified.

“In identifying a partner to shepherd Firehook’s next phase of growth, it was essential to find a team who could support our mission of continuing to build an exceptional business rooted in quality and transparency,” said Pierre Abushacra, founder of Firehook. “Forward shares our vision and, most importantly, our values. Their track record of helping grow iconic consumer brands makes the firm an ideal partner as we continue to propel our business forward.”

The acquisition is the first from FCP’s $425 million Fund 1, which was oversubscribed and closed at its hard cap in December 2023. FCP said Abushacra will retain a “significant” minority ownership stake in Firehook going forward. Meanwhile, Maura Mottolese has been named chief executive officer of Firehook.

Mottolese is an advisory board chair at FCP as well as a member of the board of directors at Belgian Boys, Casper’s Ice Cream and ALOHA. She also has worked as CEO of Cholula Food Co., CEO of Tate’s Bake Shop, president and CEO of The Switch Beverage Co., senior vice president of marketing at Revlon Inc., and vice president of marketing at Cadbury Schweppes.

Mottolese will be joined on the executive team by Terry Bigham as chief growth officer and Ellen Howse as chief marketing officer. Bigham previously worked at Cholula, Tate’s Bake Shop and Carbone, while Howse has experience at Godiva, Hello Products and Dewey’s Bakery.

Matt Leeds, founder and managing partner of FCP, has been named chairman of Firehook.

“We could not be more excited to partner with Pierre and the talented individuals who comprise the Firehook team,” Leeds said. “We are grateful to have pursued this unique opportunity on a fully proprietary basis and are honored to be entrusted with the next chapter in Firehook’s journey.”