The transaction represents an important step in the evolution of TruFood as an industry leader in making foods “better for you”
NEW YORK, October 18, 2022 /PRNewswire/ — Mubadala Capital, the global asset management company and a wholly owned subsidiary of Mubadala Investment Company, one of the world’s leading sovereign investors with a $284 billion portfolio, today announced that it has acquired AOG, LLC d/b/a TruFood Manufacturing (“TruFood”), in partnership with management. TruFood, a leading contract manufacturer of snacks across multiple categories, is being acquired from funds affiliated with AUA Private Equity Partners, LLC. Financial details of the transaction were not disclosed.
Based at Pittsburgh, Pennsylvania, TruFood is a formulator and manufacturer of a full line of products including nutrition bars, protein bars, chocolate molds and baked goods. Its customer base consists of large consumer packaged goods companies and retailers across United States.
The acquisition is expected to bring significant value to TruFood’s stakeholders, including its existing customers and employees, while strengthening the company’s competitive advantage, increasing its market reach, advancing product development and by 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 top quality products to its customers. Equally important, it has an experienced and dedicated management team and passionate employees who are committed to creating value for the business and all of its stakeholders,” said Adnan Azam, Director at Mubadala Capital. “Even as a category leader, TruFood has significant growth potential and we are confident that access to our resources and network, combined with synergies within Mubadala Capital’s broader portfolio, will help the business to reach even greater heights.”
Pete TsudisCEO of TruFood, added, “TruFood remains focused on its goals and vision to lead the industry with unparalleled innovation, a collaborative approach with our valued brand partners and unparalleled food safety standards. As we look to the next chapter for TruFood, we are delighted to have the support of Mubadala Capital, a strong partner who believes in the leadership position we have achieved in the industry and the strength of our talented team. .”
Tsudis also noted that “Mubadala Capital is committed to providing the resources and capabilities necessary to continue advancing TruFood’s growth trajectory. We are confident that this investment will allow us to drive innovation, better serve our customers and ultimately maximize our market position.
Mubadala Capital manages a diversified portfolio of investments across the globe, particularly in the area of consumer and restaurant services, where the firm has invested approximately $2 billion over the past eight years. A recent example is Mubadala Capital’s investment in Thrive Foods, a major player in the freeze-dried food sector.
“Today’s announcement signals continued growth and an exciting opportunity for TruFood, our employees and our strategic partners,” said Ted Schouten, President of TruFood. “Over the past three years, the company has successfully undertaken many strategic initiatives, including the acquisition and integration of Simply Natural Foods, the construction of the TruFood Launchpad R&D center, the expansion of our manufacturing capabilities and of production, the successful onboarding of key customers, and the improvement of our financial performance. These achievements and the closing of this transaction are a clear testament to the outstanding performance of our entire TruFood team, and we thank them for their hard work and dedication. constant dedication.
Under the terms of the agreement, TruFood will remain a stand-alone business and retain the same TruFood identity and operational autonomy.
Akin Gump Strauss Hauer & Feld LLP acted as legal advisors and William Blair as financial advisors to Mubadala Capital. Will McDermott & Emery acted as legal advisors and Houlihan Lokey as financial advisors to TruFood.
About TruFood Manufacturing
TruFood Manufacturing is a leading contract manufacturer of branded nutritional bars, protein bars, molded chocolate products and baked goods. These products are sold in clubs, grocery stores, pharmacies, convenience stores and department stores. TruFood has a large East Coast presence with over 400,000 square feet of state-of-the-art manufacturing facilities and continues to grow with its strong reputation for manufacturing high-quality snack products for its marquee customer base. .
For TruFood media inquiries, please contact:
About Mubadala Capital
Mubadala Capital is the wholly owned asset management subsidiary of Mubadala Investment Company, a $284 billion global sovereign investor headquartered in Abu Dhabi. Mubadala Capital manages c. $17 billion in total in its own balance sheet investments and in third-party capital vehicles on behalf of institutional investors, including four private equity funds, three early-stage venture capital funds and two start-up funds Brazil focused on particular situations.
Mubadala Capital has offices in New York, San Francisco, London, Rio de Janeiroand Abu Dhabi.
For Mubadala Capital media inquiries, please contact:
+971 50 276 9286
About AUA Private Equity Partners, LLC
AUA Private Equity Partners is a West Palm Beach, Florida lower-middle-market, operations-focused investment firm providing strategic capital to companies in the consumer products and services sectors, with a particular focus on family businesses. AUA Private Equity generally invests in shares of $20 at $75 million in companies that generate more $5 million in EBITDA. For more information about AUA Private Equity Partners, please visit www.auaequity.com.
For AUA Private Equity media inquiries, please contact:
SOURCE Capital Mubadala