Charlotte-based Falfurrias Management Partners made another food-related investment, buying an undisclosed stake in Snak King, which private-label tortilla chips, potato chips, popcorn, nut clusters and other snacks. The private equity group declined to disclose financial detailsl.
“Falfurrias’ investment will bring additional food expertise and industry-leading perspectives to Snak King’s operation,” according to a release.
Founded in 1978, Snak King is based in City of Industry, California, a Los Angeles suburb. Snak King CEO Barry Levin joined the company in 1979 as its third employee when it was making pork rinds at a 1,200-square-foot space in Los Angeles.
Since then, the company has grown to employ more than 780 in the Los Angeles and Chicago areas. In addition to its co-manufactured and private label business, Snak King sells brands including El Sabroso, The Whole Earth, Granny Goose, and Jensen’s Orchard.
Joining Levin on the board will be Falfurrias executives Ken Walker and Chip Johnson;, Dave Katz, president and COO of Charlotte-based Coca-Cola Consolidated; Bill Lovette, CEO of Sauer Brands, and Bill Ladd, a former PepsiCo executive.
“Snak King’s dedicated team and our steadfast customer-first mentality have enabled us to transform over the past 46 years from a small-scale pork rind business to an operation that delivers a broad range of innovative snacking options to food brands, retailers, and customers around the country,” said Levin in a release.
Falfurrias has raised $2.2 billion across six funds and invests in middle-market market companies in the food manufacturing, industrial technology and business services sectors.
“Snak King’s differentiated products and capabilities, industry leadership, and team-oriented culture stood out to us,” Johnson said.
“Barry’s decades of consistent leadership have primed Snak King to become a dominant industry player,” Walker added.
Other Falfurrias food-focused manufacturing a companies include Sauer Brands, which owns Duke’s mayonnaise, and Charlotte-based Carolina Foods, which makes Duchess bakery products.
William Blair advised Falfurrias on this investment, and K&L Gates served as legal advisers. Intrepid Investment Bankers and Sheppard Mullin served as Snak King’s financial and legal advisers, respectively.
Falfurrias was founded in 2006 by Hugh McColl Jr., former chairman and CEO of Bank of America; Marc Oken, former CFO of Bank of America; and Managing Partner Ed McMahan.