Trugman-Nash, LLC

Client Profile

Trugman-Nash is a leading importer and distributor of specialty cheddar cheese products. The Company’s leading brand, Old Croc®, was created by Trugman-Nash in 2012, and became one of the country’s fastest-growing imported cheese brands. Sold in more than 16,000 supermarkets and known for its bold flavor and aged Australian cheddar, Old Croc® is available in chunks, bites, slices, and spreads. In addition to Old Croc®, the Company has exclusive U.S. distribution rights for several Organic Herd cheddar brands produced by the Organic Milk Suppliers Co-operative. Its exclusive brands include British Organic Dairy Co.TM and Kingdom® Organic, both of which use organic milk processed in Somerset, England, from grass-fed cows throughout the United Kingdom.

Situation

The Company was founded over 75 years ago and has been the largest U.S. importer of Australian dairy products for the last 55 years. Despite successfully growing the Old Croc® brand, diversifying the product offering with the Organic Herd line, and partnering with several leading customers, the Company determined that any further expansion would require a larger platform. As a result, Trugman-Nash sought a strategic or financial investor that could provide additional capital to support future operations and enable the brands to reach their full potential.

Solution

SSG was retained by Trugman-Nash to explore strategic alternatives. SSG conducted a comprehensive marketing process that attracted interest from multiple parties who engaged in a thorough review of the business. Arthur Schuman, Inc. d/b/a Schuman Cheese, provided the best option by purchasing 100% of Trugman-Nash’s equity ownership interests, which allowed the Company to continue serving its existing customer base and maintain rights of use to a USDA import license portfolio. SSG’s experience in the dairy industry and ability to manage complex stakeholder dynamics allowed the Company to maximize the value of its assets, and position the retail brands for substantial growth under new ownership.