Recapitalization of Truco Enterprises, Inc. Through Meridian Brands, Inc.
For Immediate Release
Chicago, Illinois based Arbor Private Investment Company, L.P., announced today that it has completed the recapitalization of Dallas, Texas-based Truco Enterprises, Inc., through newly established Meridian Brands, Inc. Truco Enterprises markets and distributes premium, branded Mexican snack food and beverage products. Truco co-founders Roy Truitt and David Silver will continue to manage the Company. Terms of the sale were withheld.
Truco’s primary product lines include premium tortilla chips, gourmet salsa and non-alcoholic drink mixes sold under the On the Border® and Cactus Creek® brands. The Company’s products are sold nationally through grocery retailers, club stores, mass merchandisers and specialty retailers. Founded in 1991, Truco has posted thirteen consecutive years of sales expansion.
Truco licenses the On the Border® brand from Brinker International (NYSE: EAT), the largest sit-down dining restaurant chain operator in the world, with a stable of well-known concepts including Chili’s Grill & Bar, Romano’s Macaroni Grill, On the Border® Mexican Grill & Cantina and Maggiano’s Little Italy. There are 130 On the Border® restaurants in the United States.
Mexican foods are one of the fastest growing segments of the U.S. food market, second only to Italian foods in ethnic food popularity. Tortilla chips are the second largest segment within the salty snack market. Salsa is the top selling condiment in the U.S., and the margarita is the number one cocktail in the nation.
“We are ecstatic to partner with seasoned entrepreneurs Roy Truitt and Dave Silver,” said Joseph Campolo, Arbor Partner. “Over the past fourteen years they have built Truco from start-up into one of the fastest growing snack food companies in the country. Collectively, we hope to accelerate the national expansion of the On the Border® retail product line.” In early 2004, Truco was recognized for a sixth time with the prestigious Dallas 100™ Award, given annually to Dallas-based businesses that demonstrate exceptional revenue growth over a three-year period.
“We are excited about the opportunity to substantially grow our business with Arbor as our strategic partner,” said Roy Truitt, Truco’s CEO.
Truco was represented by USBX Advisory Services, LLC of Santa Monica, CA.
Chicago, Illinois-based Arbor Private Investment Company is one of the only private equity firms in North America that concentrates exclusively on the food, beverage and related industries.
For more information, please contact Joseph Campolo (312-981-3781) or Gregory Purcell (312-981-3780).