Utz Brands Completes Acquisition of Truco Enterprises, Maker of On The Border Brand

Insignia Capital Group this week announced that it has completed the previously announced sale of Truco Enterprises to Utz Brands 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 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 during 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.