Conagra Brands, Inc. entered into a definitive agreement to acquire Angie's Artisan Treats, LLC, the maker of Angie's BOOMCHICKAPOP ready-to-eat popcorn, from TPG Growth, the middle market and growth equity platform of alternative asset firm TPG. Financial terms were not disclosed. The transaction is expected to 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," said Sean 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 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. 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," said Mark Zurcher, chief executive officer of Angie's Artisan Treats. "We are confident that the Angie's BOOMCHICKAPOP business will continue to expand its reach as a part of Conagra Brands."
The Angie's BOOMCHICKAPOP brand was founded by husband and wife entrepreneurs Dan and Angie Bastian in 2001. The brand features more than a dozen varieties of ready-to-eat popcorn and is available nationwide in natural food, grocery, club, drug and mass retail outlets. Angie's BOOMCHICKAPOP has a presence in the US, Canada, South Korea, Peru, the Caribbean and Mexico.