Harris Williams Advises Truco Enterprises on Its Pending Sale to Utz Brands, Inc.
November 12 2020 - 10:10AM
Business Wire
Harris Williams, a global investment bank specializing in
M&A advisory services, announces it is advising Truco
Enterprises (Truco), a portfolio company of Insignia Capital Group
(Insignia), on its pending sale to Utz Brands, Inc. (NYSE: UTZ;
Utz). Truco is a leading maker of tortilla chips, salsa and queso
sold under the On The Border® (OTB) brand. The transaction is being
led by Tim Alexander, Ryan Freeman, Zach England, Thomas DeMinico
and David Stead of the Harris Williams Consumer Group.
“There is strong consumer demand in the snacking sector and
Truco’s market share, performance and brand positioning within its
product categories were key drivers of interest in the business,”
said Tim Alexander, a managing director at Harris Williams. “Truco
has found a fantastic partner in Utz and we look forward to seeing
how the brand will evolve under new ownership.”
“It was a pleasure working with the teams at Truco and Insignia
on this transaction, and we are excited to add to our strong track
record of deals in the food and beverage sector,” added Ryan
Freeman, a managing director at Harris Williams.
Founded in Dallas in 1991, Truco is a leading developer and
marketer of tortilla chips, salsa and queso under the OTB® brand.
The company’s products are sold nationally through grocery
retailers, club stores and mass merchandisers. Truco is the
exclusive licensee of the OTB® brand for food products sold through
retail. Truco is a portfolio company of Insignia.
Insignia 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 a range of industries including consumer
and business services.
Utz manufactures a diverse portfolio of savory snacks under
popular brands including Utz, Zapp’s, Golden Flake, Good Health,
Boulder Canyon, Hawaiian Brand and Tortiyahs!, among others. After
nearly a century with strong family heritage, Utz continues to have
a passion for exciting and delighting consumers with delicious
snack foods made from top-quality ingredients. Utz’s products are
distributed nationally and internationally through grocery, mass
merchant, club, convenience, drug and other channels. Based in
Hanover, Pennsylvania, Utz operates fourteen facilities located in
Pennsylvania, Alabama, Arizona, Illinois, Indiana, Louisiana,
Washington and Massachusetts.
Harris Williams, an investment bank specializing in M&A
advisory services, advocates for sellers and buyers of companies
worldwide through critical milestones and provides thoughtful
advice during the lives of their businesses. By collaborating as
one firm across industry groups and geographies, the firm helps its
clients achieve outcomes that support their objectives and
strategically create value. Harris Williams is committed to
execution excellence and to building enduring, valued relationships
that are based on mutual trust. Harris Williams is a subsidiary of
the PNC Financial Services Group, Inc. (NYSE: PNC).
The Harris Williams Consumer Group has completed more than 60
transactions in recent years across a variety of verticals,
including branded consumer products; consumer services; food,
beverage and agribusiness; and restaurant and retail. For more
information on the Harris Williams Consumer Group and other recent
transactions, visit the Consumer Group’s section of the Harris
Williams website.
Harris Williams LLC is a registered broker-dealer and member of
FINRA and SIPC. Harris Williams & Co. Ltd is a private limited
company incorporated under English law with its registered office
at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered
with the Registrar of Companies for England and Wales (registration
number 07078852). Harris Williams & Co. Ltd is authorized and
regulated by the Financial Conduct Authority. Harris Williams &
Co. Corporate Finance Advisors GmbH is registered in the commercial
register of the local court of Frankfurt am Main, Germany, under
HRB 107540. The registered address is Bockenheimer Landstrasse
33-35, 60325 Frankfurt am Main, Germany (email address:
hwgermany@harriswilliams.com). Geschäftsführer/Directors: Jeffery
H. Perkins, Paul Poggi. (VAT No. DE321666994). Harris Williams is a
trade name under which Harris Williams LLC, Harris Williams &
Co. Ltd and Harris Williams & Co. Corporate Finance Advisors
GmbH conduct business.
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For media inquiries, please contact Julia Moore at
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