Private equity firm VMG Partners, which once owned a piece of Kind Snacks, has acquired the Popchips company, in the process creating a healthy snacks incubator Velocity Snack Brands.
Price of the deal was not disclosed sum.
Popchips was founded in 2007 by Keith Belling, a serial food entrepreneur who recently launched vegetables-based grain brand RightRice, and Patrick Turpin, according to Forbes. Its products include original rounds, ridges, Nutter Puffs, and Yes Peas.
Popchips are popped using heat and pressure without oil; however, there is oil in the batter.
In addition to Kind, VMG Partners previously invested in such high-growth snack brands as Pirate’s Booty, Perfect Bars and Quest Nutrition, some of which were sold to large food processors such as Hershey and Mondelez.
The investment firm said Velocity Snack Brands was created after it identified an “immense opportunity in the market,” according to Forbes, and will be headquartered in Los Angeles and led by CEO Amit Pandhi, who recently was president/CEO of low-calorie desserts brand Arctic Zero.