NEW YORK — Global asset management firm Mubadala Capital has acquired TruFood Manufacturing, a snack food contract manufacturer, from funds affiliated with AUA Private Equity Partners, LLC. Financial terms of the transaction were not disclosed.
Headquartered in Pittsburgh, TruFood is a formulator and manufacturer of a full range of products, including nutrition bars, protein bars, chocolate moulded products, and baked foods. The company’s products are sold at club, grocery, drug, convenience and department stores worldwide. TruFood has a large presence on the East Coast with more than 400,000 square feet of manufacturing facilities.
The acquisition is expected to deliver significant value to TruFood’s stakeholders, including its existing customers and employees, while bolstering the company’s competitive advantage, increasing its market reach, advancing product development and accelerating long-term growth.
“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,” said Adnan Azam, director at Mubadala Capital. “Just as importantly, it has an experienced and dedicated management team and passionate employees who are committed to driving value for the company and all its stakeholders. 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.”
Mubadala Capital is a wholly owned subsidiary of Mubadala Investment Co., which is one of the world’s largest sovereign investors with a $284 billion portfolio. Mubadala Capital manages a diverse portfolio of investments across the globe, in particular within the consumer and foodservice space, where the company has invested approximately $2 billion over the past eight years. One recent example being Mubadala Capital’s investment in Thrive Foods, a player in the freeze-dried food sector.
Under the terms of the agreement, TruFood will remain a stand-alone business and will maintain the same TruFood identity and operational autonomy, the companies said.
“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,” said Pete Tsudis, chief executive officer of TruFood. “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.”
Mr. Tsudis added that Mubadala Capital “is committed to providing the resources and capabilities to continue advancing TruFood’s growth trajectory. We are confident this investment will enable us to drive innovation, better serve our customers and ultimately maximize our market position.”
Ted Schouten, president of TruFood, said the transaction signals continued growth and an exciting opportunity for TruFood moving forward.
“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 Center, the expansion of our manufacturing and production capabilities, the successful onboarding of key customers, and improvement in our financial performance,” Mr. Schouten said. “These achievements, and the conclusion of this transaction, are a clear testament to the outstanding performance of our entire TruFood team, and we thank them for their consistent hard work and dedication.”
