CHICAGO — Conagra Brands, Inc. has agreed to acquire Angie’s Artisan Treats, L.L.C., the maker of Angie’s Boomchickapop ready-to-eat popcorn, from private equity group TPG Growth. Financial terms of the transaction were not disclosed.
Founded in 2001 by husband-and-wife team Dan and Angie Bastian, Angie’s Boomchickapop features more than a dozen varieties of popcorn with nationwide distribution in natural food, grocery, club, drug and mass retail outlets.
|Sean Connolly, president and c.e.o. of Conagra Brands
"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," said Sean M. Connolly, president and chief executive officer of Conagra Brands. "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."
The transaction is expected to close by the end of the calendar year and is subject to customary closing conditions, including regulatory approvals.
Angie’s Boomchickapop joins a growing portfolio of snack brands, including Slim Jim, Orville Redenbacher’s, David and the recently added Duke’s branded meat snacks and Bigs seeds.
The deal will strengthen Conagra’s presence in the competitive R.-T.-E. popcorn category. In the 52 weeks ended Feb. 21, 2016, Angie’s Boomchickapop had $55 million in sales, ranking behind SkinnyPop and Smartfood brands in market share, but well ahead of Conagra’s Crunch ‘N Munch and Poppycock brands, according to data from Information Resources, Inc., a Chicago-based market research firm.
|Angie Bastian, co-founder of Angie’s Boomchickapop