Mubadala Capital announced has acquired the Pittsburg-based TruFood Manufacturing, a leading US contract manufacturer of nutrition bars, protein bars, chocolate molded products, and baked goods.
The wholly owned subsidiary of Mubadala Investment Company is acquiring TruFood from funds affiliated with AUA Private Equity Partners. Financial details of the transaction were not disclosed.
Adnan Azam, Director at Mubadala Capital, said: “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.”
TruFood’s customer base comprises premier consumer packaged goods companies and retailers across the United States. The acquisition is expected to deliver significant value to TruFood’s existing customers and employees, while bolstering the company’s competitive advantage, increasing its market reach and advancing product development.
Pete Tsudis, CEO of TruFood, added: “TruFood remains 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.”
Mubadala Capital manages a diverse portfolio of investments across the globe, in particular within the consumer and food services space, where the company has invested approximately $2 billion over the past eight years. Recently, Mubadala Capital invested in Thrive Foods, a leading player in the freeze-dried food sector.
Ted Schouten, President of TruFood, added: “This announcement signals continued growth and an exciting opportunity for TruFood. 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.”
Under the terms of the agreement, TruFood will remain a stand-alone business and will maintain the same TruFood identity and operational autonomy.
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