Utz Brands to acquire Insignia Portfolio Company Truco Enterprises
Insignia Capital Group has announced that it has entered into a definitive agreement to sell Truco Enterprises ("Truco" or the "Company"), a leading maker of tortilla chips, salsa and queso sold under the On The Border ("OTB") brand, to Utz Brands (NYSE: UTZ), for a total purchase price of $480 million. The deal is expected to close in December 2020 and is subject to customary closing conditions including the receipt of regulatory approvals.
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."