US organic popcorn maker LesserEvil has sold a “significant minority” interest to private-equity firm Aria Growth Partners as part of a funding round.
The size of the stake sold to the New York-based investor was not disclosed, nor was the amount the better-for-you snacks producer raised.
Connecticut-based LesserEvil said secondary participants in the financing included existing investors Valor Equity, Invest Eco and Touch Capital. The funding will be used to expand manufacturing and retail distribution, the company, set up in 2005, said in a statement.
Its popcorn and paleo puff snacks can be found in retailers in the US such as Target, Walmart and Whole Foods Market. The business operates two manufacturing facilities in New Milford and Danbury, both in Connecticut.
The range also features grain-free organic puffs, along with so-called Sun Poppers, Space Balls, Cosmic Rings and Lil’ Puffs.
LesserEvil said its snack products are “healthy, less processed and sustainable”, without providing details to back the claims.
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CEO Charles Coristine said: “We’re excited to have an experienced new partner like Aria join us as we embark on this next phase of accelerated development and take the LesserEvil brand to new heights.
“Our ability to self-manufacture gives us tremendous upside to continue delivering the innovation and better-for-you snacks that consumers crave.”
Just Food has reached out to LesserEvil to establish the nature of the operational set-up, its growth rates and funding to date.
Meanwhile, Aria Growth partner Trevor Nelson said: “We know how hard it is to build such a high-growth and highly profitable, mainstream food brand. It’s a testament to their ingenuity and discipline that they’ve been able to create a beloved brand and a first-rate business as well.”