Global asset management firm Mubadala Capital has announced that it has acquired snack manufacturer TruFood for an undisclosed sum.
The acquisition is expected to deliver significant value to TruFood's stakeholders, including its existing customers and employees, according to Mubadala Capital.
It will also strengthen the company's competitive advantage, increase its market reach, boost product development, and accelerate long-term growth.
As part of the agreement, TruFood will remain a stand-alone business and retain its identity and operational autonomy.
Adnan Azam, director at Mubadala Capital, commented, "TruFood is an exceptional company that has firmly established itself as a market leader, a position it has achieved through a history of reliability, continuous innovation and consistently delivering superior products for its customers.
"Even as a category leader, TruFood has significant growth potential and we are confident that access to our resources and network, combined with the synergies within the wider Mubadala Capital portfolio, will help the company reach even greater heights."
TruFood, headquartered in Pittsburgh, Pennsylvania, manufactures nutrition bars, protein bars, chocolate moulded products and baked nutrition items for consumer packaged goods companies and retailers across the United States.
Pete Tsudis, CEO of TruFood, added, "TruFood remains laser-focused on its goals and vision to lead the industry with unmatched innovation, a collaborative approach with our valued brand partners, and unparalleled food safety standards.
"As we look ahead into the next chapter for TruFood, we are thrilled to have the support of Mubadala Capital, a strong partner that believes in the leadership position we have achieved in the industry and the strength of our talented team."
Mubadala Capital manages a diverse portfolio of investments, in particular, within the consumer and food services space, where the company has invested approximately $2 billion over the past eight years.
Recently, Mubadala Capital invested in Thrive Foods, one of the leading players in the freeze-dried food sector.
Ted Schouten, president of TruFood, commented, "Over the last three years, the company has successfully undertaken numerous strategic initiatives, including the acquisition and integration of Simply Natural Foods, the buildout of the TruFood Launchpad R&D Centre, the expansion of our manufacturing and production capabilities, the successful onboarding of key customers, and improvement in our financial performance. These achievements, and the conclusion of this transaction, are a clear testament to the outstanding performance of our entire TruFood team.[...]"
Akin Gump Strauss Hauer & Feld LLP acted as legal advisor and William Blair as financial advisor to Mubadala Capital.
McDermott Will & Emery acted as legal advisors and Houlihan Lokey as financial advisors to TruFood.
© 2022 European Supermarket Magazine – your source for the latest A-Brands news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.