Mubadala Capital, the global asset management firm and subsidiary of Abu Dhabi’s Mubadala Investment Company, has acquired snack food contract manufacturer TruFood Manufacturing. Trufood, the Pennsylvania-headquartered manufacturer is being acquired from funds affiliated with AUA Private Equity Partners. The company did not disclose any financial details pertinent to the transaction.
However, as per the agreement, TruFood will remain a stand-alone business and will maintain the same identity and operational autonomy.
“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,” Mubadala Capital said in a statement.
“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 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 the synergies within the wider Mubadala Capital portfolio, will help the company reach even greater heights.”
Pete Tsudis, CEO of TruFood, noted that “Mubadala Capital is committed to providing the resources and capabilities to continue advancing TruFood’s growth trajectory.”
Mubadala Capital manages a diverse portfolio of investments, in particular within the consumer and food services space, where the company has invested approximately $2bn over the past eight years.
Last year, Mubadala Capital bought K-Mac Holdings, one of the largest Taco Bell Corp. franchisees in the US.
TruFood manufacturers products including nutrition bars, protein bars, chocolate moulded products, and baked nutrition, while its customers consist of consumer packaged goods companies and retailers across the US.
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