The maker of the On the Border brand of tortilla chips and other products is being bought by Utz Brands in a $480 million deal.
The maker of the On the Border brand of tortilla chips and other products is being bought by Utz Brands in a $480 million deal.
Truco Enterprises, which makes On the Border chips, salsa and queso dip, is being sold by Insignia Capital Group. The deal is expected to close in December, with Truco becoming a division of Utz.
Utz expects Truco Enterprises to generate approximately $195 million in net sales in fiscal 2020, an increase of 32% over last year.
“This strategic acquisition will make Utz a significant competitor in the tortilla chip sub-category, where [On The Border] holds the #3 position, and also provides us with a meaningful position in salsa, queso, and dips,” Utz CEO Dylan Lissette said in a statement.
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