SSG Capital Advisors, LLC (“SSG”) served as the investment banker to Trugman-Nash, LLC (“Trugman-Nash” or the “Company”), a subsidiary of Allied Dairy Products, Inc., in the sale of 100% of its equity ownership interests to Arthur Schuman, Inc. d/b/a Schuman Cheese. The transaction closed in October 2024.

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.

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.

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. 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.

Founded in New York in 1945, Schuman Cheese has grown into a highly lauded leader in the cheese industry worldwide. The family has set the standard for integrity, excellence, and loyalty for four generations, exemplified by their premium cheeses and lasting partnerships. Today, decades since their first import, Schuman’s team of skilled cheesemakers craft their world-class cheeses in Wisconsin, adding to their robust import business.

Other professionals who worked on the transaction include:

• Steven A. Samide and Steven W. Gold of Mintz & Gold LLP, counsel to Trugman-Nash, LLC;
• Robert Gorin and Ramy Aly of Getzler Henrich & Associates LLC, financial advisor to Trugman-Nash, LLC; and
• Glenn L. Stein, Arielle Wisotsky and John J. DeFuria of Chiesa Shahinian & Giantomasi PC, counsel to Arthur Schuman, Inc.