Utz Brands has completed the acquisition of Truco Enterprises from Insignia Capital Group, including the On The Boarder brand of tortilla chips, salsa and queso.
WALNUT CREEK, Calif., Dec. 14, 2020 /PRNewswire/ -- Insignia Capital Group today announced that it has completed the previously announced sale of Truco Enterprises ("Truco" or the "Company") to Utz Brands (NYSE: UTZ) in a transaction valued at approximately $480 million in cash.
Truco is a leading maker of tortilla chips, salsa and queso sold under the On The Border® ("OTB") brand. Insignia Capital Group invested in Truco in 2014 to help the Company expand its distribution footprint and launch new product innovation. Together, Insignia and Truco made significant investments in sales and R&D that tripled adjusted EBITDA over the past six years. "It has been a true pleasure partnering with the Truco team to generate this exceptional outcome for all of the Company's stakeholders," said David Lowe, CEO of Insignia Capital Group. "We believe Utz will be an exceptional steward of the brand as Truco executes on its next phase of growth."
Insignia will continue to seek additional opportunities to partner with companies in the CPG food sector to leverage its expertise to help them accelerate growth.
Harris Williams & Co. acted as exclusive financial advisor and Kirkland & Ellis LLP acted as legal counsel to Truco Enterprises and Insignia Capital Group. Goldman Sachs acted as lead financial advisor to Utz Brands, Bank of America acted as financial advisor, and Cozen O'Connor served as legal counsel to Utz Brands, Inc.
About Truco EnterprisesTruco is a leading developer and marketer of tortilla chips, salsa, and queso under the On The Border® brand. The Company's products are sold nationally through grocery retailers, club stores, and mass merchandisers. Truco Enterprises is the exclusive licensee of the On The Border® brand for food products sold through retail. For more information, please visit www.ontheborderchips.com. Truco Enterprises is a portfolio company of Insignia Capital Group.
About Insignia Capital GroupInsignia Capital Group is a San Francisco Bay Area private equity firm focused on middle-market companies. Insignia partners with company founders and management teams to help drive growth and achieve true business potential. The firm's principals have significant experience building businesses across the consumer and business services sectors. For more information, visit www.insigniacap.com.
