Deloitte Corporate Finance (DCF) acted as the exclusive financial advisor to Enray in its sale to The J.M. Smucker Company (Smucker). Both Enray and Smucker expect the transaction to further facilitate Enray’s and its premium truRoots brand’s leading position in the rapidly growing gluten-free and organic food industry.
“DCF’s knowledge and experience enabled us to better identify and secure the best partner for the company to sustain and accelerate our significant growth. DCF guided us through a well thought-out process in order to seamlessly achieve our objectives. DCF’s leadership, experience, and extensive knowledge of the organic food industry were vital to accomplishing the transaction,” said Esha Ray, chief executive officer of Enray.
“Since founding the company, Esha and Nimesh Ray have built Enray into the leading gluten-free, ancient grains company. truRoots represents a key brand in the organic food industry that is experiencing growth across all of its products and sales channels. We see the transaction with Smucker as providing an iconic brand platform for Esha, Nimesh, and Enray to continue to build and strengthen truRoots’ leadership in the category,” said Lorin DeMordaunt, managing director and head of DCF’s consumer and retail group.
Livermore, CA-based Enray is a vertically integrated, branded consumer packaged goods company primarily targeting the organic, sprouted multi-grain and gluten-free markets.
For more than 115 years, The J.M. Smucker Company is a marketer and manufacturer of fruit spreads, retail packaged coffee, peanut butter, shortening and oils, ice cream toppings, sweetened condensed milk, and health and natural foods beverages in North America.