AUA Private Equity has acquired Weaver Holdings (DBA Weaver Popcorn Manufacturing), a fourth-generation family-owned maker of popcorn and other snacking products.
Weaver’s private label and co-manufactured products include popping corn, microwave popcorn, and air and wet pop varieties of ready-to-eat popcorn. Weaver was founded in 1928 by Ira Weaver and, according to the company, is today the largest independent manufacturer of popcorn products in the United States and it operates the world’s largest microwave popcorn manufacturing facility. Weaver, led by CEO Jason Kashman, is headquartered in Van Burin, Indiana (located 80 miles northeast of Indianapolis) with administrative offices in Indianapolis.
“We are thrilled to partner with AUA and its phenomenal team, who has a demonstrated history of success in food manufacturing and helping to propel the growth of family-owned businesses,” said Mr. Kashman. “By building on the foundation that the Weaver family put in place, AUA will allow us to expand our capabilities operationally and increase the pace of product innovation.”
“Our partnership with the Weaver family and Weaver Popcorn Manufacturing is emblematic of what AUA Private Equity does best – partnering with family-owned businesses to take them to the next level,” said Andy Unanue, the managing partner of AUA Private Equity. “We will proactively focus on operational upside by supporting the team with capital and resources while preserving Weaver’s entrepreneurial and solution-oriented culture. We are eager to continue building upon the company’s ongoing success.”
AUA Private Equity makes equity investments from $40 million to $10 million in companies with at least $5 million of EBITDA. Sectors of interest include consumer products and services with a focus on family-owned businesses. AUA is known for using low leverage to acquire companies and focusing on operational improvements rather than financial engineering to create stakeholder value. In May 2021, AUA held a final and oversubscribed closing of AUA Private Equity Fund II LP with total capital commitments of $310 million. The firm was founded in 2011 and is headquartered in West Palm Beach, Florida.
“We see tremendous opportunity to help Weaver expand, and the company possesses all of the necessary attributes to accelerate its success: an excellent management team, an engaged and aligned family-owner, and a flexible capital structure,” said David Benyaminy, a partner at AUA. “Our plan is to make this a best-in-class partner for customers and all their snacking needs.”
“We are tapping into our bench of operating partners to enact meaningful change at the company,” said Charlie DeVries, a vice president at AUA. “We’ve added Mike Tracy, a former SVP of Supply Chain at Conagra, and Ted Schouten, a former President of TruFood Manufacturing, to Weaver’s board of directors. Both Mike and Ted will help oversee the investment and augment governance.”
In addition to Mr. Benyaminy and Mr. DeVries, the AUA transaction team included Senior Associate Nico Pflaum and Associate Luke Phillips.
“AUA is the right partner to build on Ira Weaver’s original mission — to offer the world’s highest quality, best-tasting popcorn at the lowest possible price. We are very excited for what the future has to offer,” said Will Weaver, a shareholder and fourth-generation owner of the company.
Proterra Investment Partners provided the debt financing to support AUA’s acquisition of Weaver with Grant Thornton and Boston Consulting Group serving as commercial and financial advisors. Ernst & Young Capital Advisors was the financial advisor to Weaver.
© 2024 Private Equity Professional | January 8, 2024
