Mubadala Capital, a global asset management firm and a subsidiary of Abu Dhabi’s Mubadala Investment Company, has acquired TruFood Manufacturing, a snack food contract manufacturer. Trufood, based in Pennsylvania, is being acquired by funds affiliated with AUA Private Equity Partners.
Mubadala Capital’s legal counsel was Akin Gump Strauss Hauer & Feld LLP, and its financial counsel was William Blair. TruFood’s legal counsel was McDermott Will & Emery, and its financial counsel was Houlihan Lokey.
The company provided no financial information about the transaction. However, according to the agreement, TruFood will continue to operate as a separate entity with the same identity and operational autonomy.
TruFood manufactures nutrition bars, protein bars, chocolate moulded products, and baked nutrition, and its customers include consumer packaged goods companies and retailers across the United States.
Mubadala Capital manages a diverse portfolio of investments, particularly in the consumer and food services sectors, where it has invested nearly $2 billion over the last eight years. Mubadala Capital purchased K-Mac Holdings, one of the largest Taco Bell Corp. franchisees in the United States, last year.
“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 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.”
