The family-owned businesses will be merged, Insignia revealed. Both companies are based in the Los Angeles area and manufacture and distribute nuts, trail mixes and similar snacks. Snak Club sells a large assortment of branded products in airports, travel plazas and convenience stores. New Century Snacks sells its products primarily on a private label basis in grocery, mass and food service channels.
“We have been actively targeting opportunities in the rapidly growing healthy snack sector and are excited to partner with two companies that are extremely well-positioned in this attractive industry,” said David Lowe, CEO of Insignia. “Snak Club and New Century Snacks have experienced tremendous growth over the past decade. Our investment strategy is to integrate these businesses, invest in operations, expand retail distribution and accelerate growth. These opportunities fit squarely within our investment focus.”
Terms of the sale agreements were not disclosed.