UAE – Mubasher: Global asset management firm Mubadala Capital, which is wholly owned by Mubadala Investment Company, has acquired the US’ snack food contract manufacturer AOG, LLC d/b/a TruFood Manufacturing, in partnership with management.
TruFood, headquartered in Pittsburgh of Pennsylvania, is being acquired from funds affiliated with AUA Private Equity Partners, according to a press release.
Financial details of Mubadala Capital’s acquisition transaction were not disclosed.
The takeover will likely deliver significant value to TruFood’s shareholders, as well as existing customers and employees.
TruFood will remain a standalone business, under the acquisition agreement, in addition to maintaining the same TruFood identity and operational autonomy.
Director at Mubadala Capital, Adnan Azam, 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.”
Pete Tsudis, CEO of TruFood, noted: "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 added: “We are confident this investment will enable us to drive innovation, better serve our customers and ultimately maximize our market position."
Mubadala Capital has a global diverse portfolio of investments, especially in the fields of consumer and food, where it has pumped nearly $2 billion over the past eight years.
President of TruFood, Ted Schouten, said: "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.”
