Chicago-based family office HC Private Investments has announced the formation of Artisan Bakery through the acquisitions of Snackwerks and Specialty Bakers. The company describes the combined

entity as a premium baked goods and snack manufacturer with a national manufacturing footprint and heritage dating back to 1901.

New Board Appointments

Four industry veterans have joined Artisan Bakery's Board of Directors:

Kirk Trofholz will serve as Executive Chairman. He is the former CEO of Nielsen-Massey and former President of Dawn Foods.

Jeff Grogg, the previous owner of Snackwerks, will remain a significant equity owner in addition to his board role.

Liz Barnett and Purav Patel complete the board appointments, bringing experience in bakery operations, food innovation, and CPG growth strategy.

Jack Eckerd, who has been with Specialty Bakers since 2000, continues as CEO of the combined company.

The Two Operations

Specialty Bakers, headquartered in Marysville, Pennsylvania, is described as the market leader in several in-store bakery products.

Snackwerks, based in Battle Creek, Michigan, operates as a co-manufacturer for established and fast-growing brands. The company's product portfolio includes cookies, granola and snack bars, with capabilities to produce other items through its R&D and production facilities.

Management Commentary

"I am excited to partner with HCPI and Kirk Trofholz to build a bakery platform that emphasises speed-to-market, innovation, and customer collaboration. Snackwerks' agile manufacturing and Specialty Bakers' established distribution create the ideal combination to serve both emerging and established brands in a way traditional bakeries cannot."

Stated Geoff Grogg, whilst Kirk Trofholz commented:

"Our vision is to preserve the craft and quality of each bakery whilst providing the operational scale, R&D support, and strategic leadership needed to thrive in a fast-evolving food landscape. As grocery retailers continue to prioritise prepared foods to attract and increase foot traffic, we believe we are well positioned to offer in-store bakery customers a differentiated model to create leading indulgences with the highest quality ingredients and flexible packaging options serving both family and individual formats."

HCPI Managing Partners John Kelly and Matt Moran added:

"We are excited to partner with experienced operators and advisors to build a differentiated bakery business. Together, we will help our portfolio companies scale, innovate, and deliver superior products that meet today's evolving consumer demands."

Transaction Details

Terms of the transaction were not disclosed. Winston & Strawn LLP served as legal counsel to HCPI. Signature Bank of Chicago and Ironwood Capital provided debt financing. Brown Gibbons Lang & Company acted as financial advisors to Specialty Bakers.

HC Private Investments describes itself as a private equity investment firm focused on manufacturing businesses within consumer and industrial markets, typically serving as the first institutional investor in a business.