Both firms make dried fruit, seed and nut snacks. © New Century Snacks
Snak Club and New Century Snacks – California-based producers of nuts, dried fruits and trail mixes – have been acquired by private equity firm Insignia Capital Group for an undisclosed sum.
Snak Club sells a large assortment of branded products in airports, travel plazas and convenience stores, while New Century Snacks sells its products primarily on a private-label basis in the grocery, mass and foodservice channels. Both are based close to Los Angeles.
“We have been actively targeting opportunities in the rapidly growing healthy snack sector and are excited to partner with two companies that are extremely well-positioned in this attractive industry,” said David Lowe, CEO of Insignia. “Snak Club and New Century Snacks have experienced tremendous growth over the past decade. Our investment strategy is to integrate these businesses, invest in operations, expand retail distribution and accelerate growth. These opportunities fit squarely within our investment focus.”
“We are excited to be taking this next step forward in partnership with Insignia,” added Hadi Morshed, a founder of both Snak Club and New Century Snacks. “We selected Insignia to be our partner based on their knowledge, experience and great success in the food sector. We expect their strategic and operational expertise to be immensely valuable as we seek to expand the businesses and provide customers with the highest quality snack products.”
© FoodBev Media Ltd 2020
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