Charlotte-based Falfurrias invests in Snak King

US middle-market private equity firm Falfurrias Management Partners has invested in Snak King, a US manufacturer of private label and co-manufactured products including tortilla chips, potato chips, popcorn and nuts for brands including El Sabroso, The Whole Earth, Granny Goose, and Jensen's Orchard.

Snak King was founded in 1978 as a small co-manufacturer of pork rinds, based in Los Angeles. The company is currently led by CEO Barry Levin, who joined the company in 1979 as its third employee, and employs over 780 team members across the greater Los Angeles and Chicago areas.

Equity for the investment comes from Falfurrias Capital Partners IV and Falfurrias Capital Partners V, both operationally-focused lower middle market buyout funds. Falfurrias' previous investments in food-focused manufacturing and technology companies include Sauer Brands, Local Hive, Carolina Foods, EDGE Industrial and E Technologies Group.

As part of the investment, Ken Walker and Chip Johnson from Falfurrias Management Partners; Dave Katz, President and COO of Coca-Cola Consolidated; Bill Lovette, CEO of Sauer Brands; and Bill Ladd, Vice President of Supply Chain Transformation at PepsiCo will join Snak King's management board.

Johnson commented: "Falfurrias identified private-label salty snacks as a major category of interest based on our ongoing industry first research.

"Snak King's differentiated products and capabilities, industry leadership, and team-oriented culture stood out to us, and we're excited to partner with Barry and the rest of the Snak King team to continue growing their business." 

Falfurrias was advised by William Blair and K&L Gates. Snak King was advised by Intrepid Investment Bankers and Sheppard Mullin.

Falfurrias Capital Partners invests in the food manufacturing, industrial technology and business services sectors. The fund is managed by Falfurrias Management Partners, a Charlotte-based private equity firm 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. The firm has so far raised $2.2bn across six funds.