Orville Redenbacher's popcorn owner, Conagra Brands, Chicago, is acquiring Angie's Artisan Treats, LLC, Mankato, Minn., maker of Angie's Boomchickapop ready-to-eat popcorn. Angie's Artisan Treats is owned by TPG Growth, a middle market and growth equity platform of alternative asset firm TPG. Financial terms were not disclosed. Conagra said the deal should close by the end of the calendar year, subject to customary closing conditions, including the receipt of regulatory approvals.
"Adding the Angie's Boomchickapop brand to Conagra's portfolio is another important step in our ongoing plan to modernize our portfolio and accelerate growth," Conagra CEO Sean Connolly stated. "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."
Founded by husband and wife entrepreneurs Dan and Angie Bastian in 2001, the Angie's Boomchickapop brand features more than a dozen varieties of ready-to-eat popcorn. Available nationwide in natural food, grocery, club, drug and mass retail outlets, Angie's Boomchickapop also has a presence in the U.S., Canada, South Korea, Peru, the Caribbean and Mexico.
"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," summarized Mark Zurcher, CEO of Angie's Artisan Treats. "The business has thrived, but is still in the early innings of realizing its full potential. The goal from the beginning has been to make real connections with more consumers by bringing them our positive energy, bold flavors, whole grain goodness and authentic 'live out loud' attitude. We are confident the ... business will continue to expand its reach as a part of Conagra Brands."
"I love Conagra's vision of being the most-energized, highest-impact culture in food. We see Conagra as a perfect fit for the Angie's Boomchickapop brand," said Angie Bastian, namesake and founder of Angie's Boomchickapop. "It was a dream of my husband Dan and I to create positive energy when we started our little popcorn company in our Minnesota garage. We're proud of what our team has built, and can't wait to see it taken to the next level. Dream big, work hard and crush it!"