Copacker TruFood Acquired by Mubadala Capital for Undisclosed Fee
Pittsburgh-based snack food copacker TruFood has been acquired by asset management firm Mubadala Capital, the company announced in a press release. Financial details of the transaction were not disclosed.
Since its acquisition by New York-based AUA Private Equity Partners in 2019, TruFood has continued to grow, introducing its TruFood Launchpad R&D Center and acquiring nutritional bar and confectionary company Simply Natural Foods in 2020. The co-packer formulates and manufactures a variety of products including nutrition bars, protein bars, chocolate molded products and baked nutrition from its 400,000 sq. ft. facility.
According to a press release, TruFood will remain a stand-alone business and maintain the same brand identity and operational autonomy. Its acquisition is expected to deliver “significant value to [its] 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.”
In the release, Adnan Azam, Director at Mubadala Capital, called TruFood an “exceptional company” with an “experienced and dedicated management team and passionate employees.”
“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,” he said.
Pete Tsudis, CEO of TruFood, added that Mubadala Capital is committed to supporting his company’s continued growth.
“We are confident this investment will enable us to drive innovation, better serve our customers and ultimately maximize our market position,” he said.
Abu Dhabi-based Mubadala Capital has been an active investor in CPG, investing approximately $2 billion over the past eight years to back ventures ranging from Thrive Market to major Taco Bell franchisees, according to the group.
The crowded nutrition and protein bar categories have seen their share of ups and downs over the last several years. Though consumers found themselves on the go less at the start of the COVID-19 pandemic, one third of shoppers reported “snacking more and thinking about food more,” Glanbia Nutritionals found.
“Some also used healthy bars as a way to get essential nutrients and support home exercise routines as they prioritized staying well,” a January report by the ingredient company said. “For others, bars were the solution to better-for-you indulgent snacking to relieve boredom or stress.
Though as time passed, consumers began to turn to other snack items, now, Glanbia stated, the bar set is once again rising as shoppers return to school and normal activities, looking for more grab-and-go options.
