UK popcorn maker Propercorn has secured investment from JamJar Investments, the vehicle of the founders of smoothie maker Innocent Drinks, and Piper Private Equity.
Propercorn has announced a joint investment worth GBP7m (US$9.2m). The company, founded in 2011, is forecast to see its sales rise from GBP10m in 2015 to over GBP15m this year. Propercorn exports products to ten countries, including Germany, the Netherlands and Ireland.
Adam Balon, one of the three founders of Innocent, said: “Propercorn has so many opportunities for growth and I’m hugely excited to be a part of this next chapter.”
Piper Private Equity partner Libby Gibson said the firm was attracted to Propercorn because it is a “fantastic brand” delivering “innovative” products that meet a “growing market need for healthier and more interesting snack options”.
This is the “first time” that Piper and JamJar have partnered to back a company, Gibson revealed. Their investment will support Propercorn’s UK and international growth plans. She continued: “We believe our combined resources will provide the brand with a unique source of expertise and experience for its next stage of growth.”
Financial due diligence was provided by Sentio Insight and the Tax Advisory Partnership. Piper was also advised by law firm Bond Dickinson, while Joelson acted for Propercorn.