Insignia Capital Group has acquired Truco Enterprises from Arbor Investments and Truco’s co-founders. Terms of the transaction were not disclosed.
Founded in 1991 by David Silver and Roy Truitt and based in Dallas, Texas, Truco is a leading developer and marketer of tortilla chips, salsa and queso under the On The Border brand. The company’s products are sold nationally through grocery retailers, club stores and mass merchandisers.
Arbor acquired a controlling interest in Truco in 2004 and partnered with Silver to accelerate the national expansion of the On the Border retail product line. During Arbor’s ownership, the company quadrupled in size and grew to become one of the fastest growing snack food companies in the U.S.
“Our partnership with Truco has been rewarding and extraordinarily successful,” said Joseph Campolo, Arbor’s president and co-founder. “With this sale, we will realize a 6.7 times return on our investment.
“Dave Silver, one of the original members of the founding group of the Dockers Division, is one of the finest visionary entrepreneurs and team builders we have ever been in business with,” Campolo added. “Under his leadership, the Truco management team successfully built the company into a top provider of southwestern Mexican style snacks and drink mixes. It is gratifying to have been part of Truco’s history, and we look forward to watching the company’s continued growth and success under Insignia’s ownership.”
David Lowe, CEO of Insignia, said, “We are extremely pleased to partner with Truco’s outstanding management team, led by President and CEO Jeff Partridge. The team has driven tremendous and consistent growth over the past decade and has done a terrific job of expanding the company’s distribution footprint and introducing new products. The acquisition fits squarely within our investment focus, and we look forward to supporting management to generate a successful outcome for all stakeholders.”
Added Partridge, “In Insignia we found a partner who shares our values and vision, and who brings unique strategic and operational expertise. We are thrilled to partner with Insignia as we build upon our current momentum.”
