Abu Dhabi / UAE. (mub) Mubadala Capital, the global asset management firm and a wholly owned subsidiary of Mubadala Investment Company, one of the world’s leading sovereign investors with a USD 284 billion portfolio, announced that it has acquired AOG LLC d/b/a TruFood Manufacturing, in partnership with management. TruFood, a leading snack food contract manufacturer in several categories, is being acquired from funds affiliated with AUA Private Equity Partners LLC. Financial details of the transaction were not disclosed.
Headquartered in Pittsburgh, Pennsylvania, TruFood is a formulator and manufacturer of a full range of products including nutrition bars, protein bars, chocolate moulded products, and baked nutrition. Its customer base is comprised of premier consumer packaged goods companies and retailers across the United States.
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,» 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, added: «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.»
Tsudis also noted that «Mubadala Capital is committed to providing the resources and capabilities to continue advancing TruFood’s growth trajectory. We are confident this investment will enable us to drive innovation, better serve our customers and ultimately maximize our market position.»
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 USD 2 billion over the past eight years. One recent example being Mubadala Capital’s investment in Thrive Foods, a leading player in the freeze-dried food sector.
«Today’s announcement signals continued growth and an exciting opportunity for TruFood, our employees, and strategic partners,» said Ted Schouten, President of 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, and we thank them for their consistent hard work and dedication.»
Under the terms of the agreement, TruFood will remain a stand-alone business and will maintain the same TruFood identity and operational autonomy.