Conagra Brands (NYSE:CAG) has agreed to acquire Angie’s Artisan Treats, the maker of Angie’s Boomchickapop ready-to-eat popcorn, from TPG Growth, the middle market and growth equity platform of TPG. The transaction is expected to close before year end.
TPG Growth acquired a significant equity stake in Angie’s Artisan Treats in September 2014 from Sherbrooke Capital and the company’s founders.
Angie’s Artisan Treats (formerly Angie’s Kettle Corn) was founded in 2001 by husband and wife entrepreneurs Dan and Angie Bastian in Mankato, MN. The company’s gluten free, non-GMO, whole grain popcorn is sold under the Boomchickapop brand in natural food, grocery, club, drug and mass retail outlets in all 50 states as well as in Canada.
Boomchickapop is offered in a number of flavors including Sea Salt, Lightly Sweet, Sweet & Salty Kettle Corn, and Caramel & Cheddar. The company has approximately $55 million in annual revenue (www.boomchickapop.com).
TPG Growth is the middle market and growth equity investment platform of TPG which was founded in 1992 and makes investments throughout North America, Europe, Asia and Australia. Sectors of interest include industrials, retail, consumer, financial services, travel and entertainment, technology, media and communications, and healthcare. The firm has offices in San Francisco, Fort Worth, Austin, Dallas, Houston, New York, Beijing, Hong Kong, London, Luxembourg, Melbourne, Moscow, Mumbai, São Paulo, Shanghai, Singapore and Tokyo (www.tpg.com) (www.tpggrowth.com).
“It’s been a pleasure to work closely with the management team and founders through the company’s transformation to a better-for-you snacking leader as Angie’s Boomchickapop,” said Mark Grabowski, Partner at TPG Growth. “We’re focused on partnering with high growth, dynamic brands that distinctly resonate with today’s and tomorrow’s consumer. Angie’s Boomchickapop is a great example of this – its commitment to great taste and authenticity has enabled it to flourish as an adored consumer brand in the better-for-you snacking space. We wish them continued success with Conagra.”
Conagra Brands (NYSE:CAG) is one of North America’s leading branded food companies. The company’s portfolio includes Marie Callender’s, Reddi-wip, Hunt’s, Healthy Choice, Slim Jim and Orville Redenbacher’s. Conagra Brands is headquartered in Chicago (www.conagrabrands.com).
“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 CEO 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.”
Houlihan Lokey was the financial advisor to TPG Growth.
© 2017 Private Equity Professional | September 25, 2017
