M&A Deal Summary

Utz Brands Acquires Truco Enterprises

On November 12, 2020, Utz Brands acquired food company Truco Enterprises from Insignia Capital Group and Constitution Capital Partners for 480M USD

Acquisition Highlights
  • This is Utz Brands’ 5th transaction in the Food sector.
  • This is Utz Brands’ largest (disclosed) transaction.
  • This is Utz Brands’ 5th transaction in the United States.
  • This is Utz Brands’ 1st transaction in Texas.

M&A Deal Summary
Date 2020-11-12
Target Truco Enterprises
Sector Food
Buyer(s) Utz Brands
Sellers(s) Insignia Capital Group
Constitution Capital Partners
Deal Type Add-on Acquisition
Deal Value 480M USD

Target

Truco Enterprises

Dallas, Texas, United States
Truco Enterprises LP is a 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 based in Dallas, Texas.

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Buyer(S) 1

Buyer

Utz Brands

Hanover, Pennsylvania, United States
Category Company
Founded 1921
Sector Food
Employees3,400
Revenue 1.4B USD (2023)
DESCRIPTION

Utz Brands is a manufacturer and marketer of snack foods. Utz Brands produces a full line of snack products including potato chips, pretzels, cheese snacks, corn products and popcorn. Utz Brands was founded in 1921 and is based in Hanover, Pennsylvania.

DEAL STATS #
Overall 5 of 10
Sector (Food) 5 of 8
Type (Add-on Acquisition) 4 of 8
State (Texas) 1 of 1
Country (United States) 5 of 10
Year (2020) 1 of 1
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-31 Kitchen Cooked

Farmington, Illinois, United States

Kitchen Cooked, Inc. is a manufacturer and distributor of snack foods. Kitchen Cooked is based in Farmington, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-11 Vitner’s Brand

City of Industry, California, United States

Vitner’s Brand is a manufacturer and distributor of snack foods. The Company offers potato chips, cheese puffs, popcorn, pretzels, tortilla chips, and candy bars.

Buy $25M

Seller(S) 2

SELLER

Insignia Capital Group

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2011
PE ASSETS 1.3B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Insignia Capital Group is a private equity firm focused on growth-oriented, lower middle-market companies throughout North America. The Firm targets profitable businesses with $5 to $30 million of EBITDA. Prospective transaction situations include management buyouts, corporate carve-outs, public-to-private transactions, build-ups, recapitalizations, growth equity investment,s and strategic minority investments. Insignia Capital was Insignia Capital Group was established in 2011 and is headquartered in Walnut Creek, California.

DEAL STATS #
Overall 2 of 3
Sector (Food) 1 of 1
Type (Add-on Acquisition) 1 of 2
State (Texas) 1 of 1
Country (United States) 2 of 3
Year (2020) 2 of 2
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-27 MediaAlpha

Los Angeles, California, United States

MediaAlpha is a marketing technology company that operates transparent and efficient exchange platforms that facilitate real-time transactions between advertisers and publishers of performance media. MediaAlpha has developed distinctive platform solutions for a range of insurance verticals, including auto, motorcycle, home, renter, health and life, and non-insurance verticals, including travel, education, personal finance, and home services. MediaAlpha powers over 200 million transactions annually, representing more than $400 million in aggregate media spend. MediaAlpha was founded in 2014 and is based in Los Angeles, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-08 New Engen

Seattle, Washington, United States

New Engen is a growth-obsessed integrated marketing agency with deep, industry-shaping expertise across media, creative, market research, and analytics. It partners with the world's most innovative brands to accelerate the execution of winning ideas in a rapidly shifting market to achieve breakthrough results. New Engen was founded in 2016 and is based in Seattle, Washington.

Buy -
SELLER

Constitution Capital Partners

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2008
PE ASSETS 5.9B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Constitution Capital Partners is a private equity and asset management firm focused on opportunities throughout North America. Constitution Capital typically invests in private equity partnerships, however the Firm also makes direct private equity and credit investments. Constitution Capital Partners does not have any sector preferences. Constitution Capital Partners was formed in 2008 and is headquartered in Andover, Massachusetts.

DEAL STATS #
Overall 20 of 23
Sector (Food) 3 of 3
Type (Add-on Acquisition) 9 of 11
State (Texas) 3 of 4
Country (United States) 19 of 20
Year (2020) 2 of 2
Size (of disclosed) 5 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-27 MediaAlpha

Los Angeles, California, United States

MediaAlpha is a marketing technology company that operates transparent and efficient exchange platforms that facilitate real-time transactions between advertisers and publishers of performance media. MediaAlpha has developed distinctive platform solutions for a range of insurance verticals, including auto, motorcycle, home, renter, health and life, and non-insurance verticals, including travel, education, personal finance, and home services. MediaAlpha powers over 200 million transactions annually, representing more than $400 million in aggregate media spend. MediaAlpha was founded in 2014 and is based in Los Angeles, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-16 Acino

Zurich, Czech Republic

Acino is a pharmaceutical company focused on developing, manufacturing and marketing well-proven and innovative pharmaceuticals in novel drug delivery forms. Acino was founded in 1836 and is based in Zurich, Czech Republic.

Sell -
Mergr

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