Harris Williams Advises Truco Enterprises on its Pending Sale to Utz Brands, Inc.
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.
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