WALNUT CREEK, Calif., July 20, 2016 /PRNewswire/ -- Insignia Capital Group today announced the simultaneous acquisition and merger of two family-owned food companies: Snak Club and New Century Snacks. Certain founders of the companies participated in the transaction alongside Insignia. Terms of the transaction were not disclosed.
Based in the Los Angeles area, the companies manufacture and distribute nuts, trail mixes and similar snacks. Snak Club sells a large assortment of branded products in airports, travel plazas and convenience stores. New Century Snacks sells its products primarily on a private label basis in grocery, mass and food service channels.
"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," said 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."
Moelis & Company and M&A Capital served as exclusive financial advisors, and Buchalter Nemer served as legal counsel to the Company. Kirkland & Ellis LLP served as legal counsel to Insignia.
About Insignia Capital Group
Insignia Capital Group is a San Francisco Bay Area private equity firm focused on lower 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, business services and healthcare. For more information please visit www.insigniacap.com.
About Snak Club and New Century Snacks
Based in El Segundo and Commerce, CA, the companies are leading manufacturers and distributors of nuts, trail mixes, dried fruits and similar snacks. The companies' products are distributed nationwide on a branded and private label basis. For more information please visit www.snakclub.com and www.newcenturysnacks.com.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/insignia-capital-group-acquires-snak-club--new-century-snacks-300301165.html
SOURCE Insignia Capital Group