US food group Conagra Brands is to acquire local firm Angie’s Artisan Treats, the maker of the Angie’s Boomchickapop popcorn brand.
Conagra, which already has a popcorn brand in the shape of Orville Redenbacher’s, is buying Angie’s from investment firm TPG for an undisclosed sum.
Husband and wife entrepreneurs Dan and Angie Bastian set up a business in popcorn in their garage in 2001. By 2010, the then Angie’s Kettle Corn brand had secured national distribution.
Two years later, with retailers wanting more flavours, the Bastians changed the name of the brand to Angie’s Boomchickapop. The range now includes more than a dozen varieties of ready-to-eat popcorn and is available throughout the US, as well as in Canada, South Korea, Peru, the Caribbean and Mexico.
The company is based in North Mankato, Minnesota.
Sean Connolly, president and chief executive officer of Conagra, said: “Adding the Angie’s Boomchickapop brand to Conagra’s portfolio is another important step in our ongoing plan to modernise our portfolio and accelerate growth.
“The Angie’s Boomchickapop business is a leader in the fast-growing, better-for-you snacking segment. It will be a great complement to our growing snack business. We are looking forward to working together to grow the brand and create value for our shareholders.”
Mark Zurcher, chief executive officer of Angie’s Artisan Treats, said: “The Angie’s Boomchickapop business has achieved exceptional growth through great teamwork between our team, Angie and Dan Bastian, our founders, as well as support from TPG Growth.
“We are confident that the Angie’s Boomchickapop business will continue to expand its reach as a part of Conagra Brands.”
Mark Grabowski, partner at TPG Growth, said of the popcorn brand: “Its commitment to great taste and authenticity has enabled it to flourish as an adored consumer brand in the better-for-you snacking space.”
TPG acquired a stake – described at the time as “significant” – in Angie’s Artisan Treats three years ago. The private-equity firm bought the stake from Sherbrooke Health and Wellness and the Bastians.
Angie Bastian, who stayed on the company board after the TPG deal, called Conagra “a perfect fit for the Angie’s Boomchickapop brand”