TruFood Manufacturing, a US-based co-manufacturer, has been acquired by Middle Eastern state fund Mubadala Investment Company.
Mubadala Investment, the United Arab Emirates sovereign wealth fund in Abu Dhabi with US$284bn in assets, has instigated the deal for the nutrition and protein bar maker through its subsidiary Mubadala Capital.
Go deeper with GlobalData
New York-based AUA Private Equity has sold the Pittsburgh business for an undisclosed sum, having acquired the company in 2019. TruFood’s management were also part of the transaction with the Abu Dhabi fund, although an investment breakdown was not provided in a statement.
Founded in 1985, TruFood – once trading as Tsudis Chocolate Co. – is a contract manufacturer of branded and private-label snack bars, chocolate moulded products, and baked goods for packaged goods companies and retailers. Its products are sold at club, grocery, drug, convenience, and department stores in the US.
Adnan Azam, a director at Mubadala Capital, said: “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.
See Also:
“It has an experienced and dedicated management team and passionate employees who are committed to driving value for the company and all its stakeholders.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataTruFood will remain a stand-alone business within the Mubadala Capital portfolio, which includes Thrive Foods, a freeze-dried food company in Utah.
In 2020, TruFood acquired Simply Natural Foods, a contract manufacturer and private-label supplier of better-for-you chocolate and bars based in Long Island.
Pete Tsudis, the CEO of TruFood, said: “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 maximise our market position.”
