Insignia Capital Group, a private equity firm based in the San Francisco Bay area, has announced the simultaneous acquisition and merger of two family-owned food companies: Snak Club and New Century Snacks.
The two snack companies are based in the Los Angeles area. They manufacture and distribute nuts, trail mixes and similar snacks.
"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," says 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."
Snak Club sells an assortment of branded products in airports, travel plazas and convenience stores while New Century Snacks sells products primarily on a private-label basis in grocery, mass and food service channels.
The terms of sale were not disclosed.
"We are excited to be taking this next step forward in partnership with Insignia," says 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."