Weaver Popcorn Manufacturing has been acquired by AUA Private Equity Partners.
Financial terms of the deal for the family-owned business, headquartered in Van Buren, Indiana, were not disclosed.
AUA Private Equity said in a statement it plans to support the expansion of the company’s “well-invested assets and passionate employee base”.
The private-equity firm has brought in Mike Tracy, a former SVP of supply chain at Conagra, and Ted Schouten, a former president of TruFood Manufacturing, to sit on Weaver Popcorn’s board to “help oversee the investment and augment governance”.
Weaver Popcorn was founded in 1928 by Ira Weaver and also has an administrative office in Indianapolis. It sells popcorn and snacks under the Pop Weaver brand, serving more than 90 international markets.
Jason Kashman, its CEO, said: “By building on the foundation that the Weaver family put in place, AUA Private Equity will allow us to expand our capabilities operationally and increase the pace of product innovation.
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“The resources that AUA Private Equity brings will ultimately benefit our customers and associates at Weaver.”
AUA Private Equity will “focus on operational upside by supporting the team with capital and resources, while preserving Weaver Popcorn Manufacturing’s entrepreneurial and solution-oriented culture,” Andy Unanue, a managing partner of the investor, said.
“We are eager to continue building upon the company’s ongoing success.”
In April last year, Hershey acquired two popcorn manufacturing plants from Weaver Popcorn – its factory in Bethlehem, Pennsylvania, and part of the operation in Whitestown, Indiana.
Hershey said the deal’s rationale was to strengthen its SkinnyPop popcorn brand offering, more than half of which was already co-manufactured by Weaver.
West Palm Beach, Florida-based AUA Private Equity said it typically makes equity investments of $40m to $100m in companies that generate more than $10m in EBITDA.