TruFood Manufacturing, a prominent U.S. contract manufacturer specializing in nutritious bars, chocolate, and baked granola, has announced the successful completion of its merger with Bar Bakers, LLC (“Bar Bakers”), a key player in the nutritional snacks industry. This strategic union is set to establish a robust industry contender with a substantial presence across various product segments and geographical regions. While the financial details remain undisclosed, investment firms Manna Tree and Mubadala Capital have thrown their support behind this collaboration.
Michael Buick, CEO of TruFood, will lead the combined entity, while Harold Rothman, Founder and CEO of Bar Bakers, will join the Board of Directors, and Gary Jacobs, President of Bar Bakers, will assume the role of Chief Operating Officer.
Buick expressed his excitement about the merger, emphasizing how it fortifies their standing in the nutritional snacks market. He highlighted the expansion of their product offerings and manufacturing reach to the west coast, which he believes will enhance customer service and fuel growth opportunities. Buick warmly welcomed Bar Bakers into their fold, citing their shared values and vision for excellence.
Bar Bakers, established in 2013, has been a vital west coast manufacturer for major nutritional snack brands, boasting advanced production capabilities. Their expertise in cold form, baked bars, and cookie and wafer manufacturing complements TruFood’s strengths, promising deeper customer relationships and accelerated innovation. With over 1,000 employees spread across four manufacturing sites and two warehouses in California, Bar Bakers is well-poised to integrate seamlessly into the combined entity.
Rothman echoed Buick’s sentiments, expressing confidence in the synergies between the two companies and their ability to cater to evolving customer needs. He affirmed his commitment to supporting the management team from his new board position.
Adnan Azam, Executive Director at Mubadala Capital, emphasized the strategic significance of the merger, underscoring their commitment to fostering growth and innovation in the industry. He welcomed Bar Bakers into the Mubadala Capital family, envisioning a bright future ahead.
Steve Young, Managing Partner at Manna Tree, highlighted the burgeoning market for nutritious bars and the combined entity’s potential to capitalize on this trend. He lauded TruFood and Bar Bakers’ dedication to quality and nutrition, positioning them as leaders in the industry.
Legal advisory support for the transaction was provided by Akin Gump Strauss Hauer & Feld LLP for Mubadala Capital and Winston & Strawn LLP, along with financial advisory from Houlihan Lokey, for Bar Bakers.
