Mubadala Capital, the asset management subsidiary of Abu Dhabi’s sovereign fund Mubadala Investment Company, has acquired US-based snack food contract manufacturer, TruFood Manufacturing (TruFood), in partnership with management.
Mubadala Capital said in a statement that it is buying TruFood from funds affiliated with the Florida-based investment company AUA Private Equity Partners. The financial details of the transaction were not disclosed.
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. 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.”
Under the terms of the agreement, TruFood will remain a stand-alone business and will maintain the same TruFood identity and operational autonomy.
Mr. Pete Tsudis, CEO of TruFood, said that, “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.”
“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. 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,” commented Mr. Ted Schouten, President of TruFood.