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June 20, 2019

US snacks maker firm TruFood acquired by PE firm AUA

TruFood Manufacturing, a US snacks maker, has been acquired by a local private equity firm for an undisclosed sum.

By Leonie Barrie

TruFood Manufacturing, a US snacks maker, has been acquired by local private-equity firm AUA for an undisclosed sum.

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What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
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Founded in 1985, Pittsburgh-based TruFood – formerly known as Tsudis Chocolate Co. – is a contract manufacturer of branded and private-label nutrition bars, protein 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 worldwide. 

David Benyaminy, partner of New York-based AUA Private Equity, said: “We welcome TruFood as the newest company in our portfolio. TruFood will be a leading manufacturer in the growing snacking and nutrition bar segments and this acquisition is a complement to our growing portfolio of food manufacturers. We see great growth opportunities in this industry and our strategic acquisition of TruFood will not only enhance the AUA portfolio but support TruFood’s long-term success.”

AUA said it intends to bring a number of resources including capital, operational expertise and enhanced management depth to allow TruFood to “better service its customers through a broader portfolio of product capabilities, more robust research and development and a stronger balance sheet”.

In addition to retaining current chief executive officer Pete Tsudis, AUA has brought in industry veterans Ted Schouten, who will serve as president, and Brad Balkovec, who will serve as chief financial officer. In addition, the company has added former Mondelez International and Hershey executive Martin Frech to the TruFood board of directors.

Schouten said: “AUA Private Equity’s commitment to TruFood is a testament to the company’s potential and the strong foundation that Pete built. TruFood is now positioned to enter the second half of 2019 in a stronger financial position and poised for growth. We are excited to work with the company’s valued partners – its customers and suppliers – supported by TruFood’s top-notch team of employees.”

Earlier this year, AUA launched Gourmet Culinary, a vehicle set up to acquire interests in and partner with speciality food manufacturers.

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Free Report
img

What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

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