TruFood Manufacturing, a portfolio company of AUA Private Equity since June 2019, has acquired Simply Natural Foods.
Simply Natural is a co-manufacturer of confection products including sugarfree, organic, and kosher functional bars (products that include natural and distinct elements to support certain health aspects), diet bars, chocolate bars, and peanut butter cups for large consumer packaged goods (CPG) companies as well as private label customers. The company, founded in 1992, has just over 200 employees and operates an SQF Level 2 certified 60,000 sq. ft. facility on Long Island in Commack, New York.
TruFood is a contract manufacturer of branded and private-label nutrition bars, protein bars, chocolate molded products, and baked goods that are sold at club, grocery, drug, convenience, and department stores worldwide. Customers of the company include consumer packaged goods companies and retailers.
TruFood was founded in 1985 as the Penhurst Candy Company by Spiro and Marge Tsudis and is today led by President Ted Schouten and CEO Pete Tsudis (the founders’ son). TruFood has a total of 350,000 sq. ft. of manufacturing facilities and is headquartered in Pittsburgh.
“This transaction represents a significant and exciting milestone for our company,” said Mr. Schouten. “Simply Natural Foods has been a leader in the nutrition bar and confectionery manufacturing industry with a solid reputation for high-quality standards, continuous innovation, excellent management, and great tasting products.”
“This acquisition represents our strong commitment and support to TruFood’s growth strategy as we add network capacity, broaden our production capabilities and expand our position in high growth categories,” said Kyce Chihi, a managing director at AUA. “We are excited to welcome the Simply Natural Foods team as we continue to grow the TruFood’s platform.”
New York City-based AUA Private Equity makes equity investments from $20 million to $75 million in companies with at least $5 million of EBITDA. Sectors of interest include consumer products and services with a focus on family-owned businesses and companies benefiting from the growth of the US Hispanic population.
Abe Brach, the president and CEO of Simply Natural Foods, will be exiting the company to pursue his other business endeavors.
Private Equity Professional | August 7, 2020