HC Private Investments (HCPI) has formed Artisan Bakery as a new food platform and has acquired its first two businesses with the buys of Snackwerks and Specialty Bakers.
Snackwerks is a contract manufacturer specializing in cookies, granola, snack bars, and other shelf-stable baked snacks. The company’s capabilities include formulation support, pilot production, and large-scale commercial manufacturing. Snackwerks was founded in 2009 by Jeff Grogg and is headquartered in Battle Creek, Michigan.
Specialty Bakers is a maker of in-store bakery products including éclairs, angel food cakes, whoopie pies, and crème-filled cakes that are sold directly to retail bakeries and through foodservice distribution. Specialty Bakers, led by CEO Jack Eckerd, is headquartered near Harrisburg in Marysville, Pennsylvania.
Kirk Trofholz will serve as the executive chairman of Artisan Bakery. Mr. Trofholz is the former CEO of Nielsen Massey, an Illinois-based producer and seller of natural vanilla and other flavor extracts; and the former president of the US Bakery Products division of Dawn Food Products, a Michigan-based maker of mixes, bases, icings, glazes, fillings, frozen dough, and fully baked food products.
In addition to Mr. Trofholz and Mr. Grogg, other members of the board of directors of Artisan Bakery include industry veterans Liz Barnett (Treehouse Foods) and Purav Patel (Bagel Dots and CraftMark Bakery).
“Our vision is to preserve the craft and quality of each bakery while providing the operational scale, R&D support, and strategic leadership needed to thrive in a fast-evolving food landscape,” said Mr. Trofholz. “As grocery retailers continue to prioritize 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.”
“We are excited to partner with experienced operators and advisors to build a differentiated bakery business,” said John Kelly and Matt Moran, managing partners at HCPI, in a released statement. “Together, we will help our portfolio companies scale, innovate, and deliver superior products that meet today’s evolving consumer demands.”
HC Private Investments, headquartered in Chicago, makes equity investments between $15 million and $45 million in lower-middle market manufacturing companies within the consumer and industrial markets that have revenues from $15 million to $75 million and EBITDA of at least $4 million. Sectors of specific interest include food and ingredients, pet-related products, household goods, automation and process control, aerospace and defense, and medical devices. HCPI was founded in 2017.
Brown Gibbons Lang’s food and beverage investment banking team, led by Managing Director Daniel Gomez, was the financial advisor to Specialty Bakers.
Signature Bank of Chicago and Ironwood Capital provided debt financing for the formation of Artisan Bakery and the acquisition of Snackwerks and Specialty Bakers.
© 2025 Private Equity Professional | June 26, 2025
