Conagra Brands, Inc. (NYSE: CAG) announced that it has 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 U.S., Canada, South Korea, Peru, the Caribbean and Mexico.
“I love Conagra’s vision of being the most-energized, highest-impact culture in food. We see Conagra as a perfect fit for the Angie’s BOOMCHICKAPOP brand,” said Angie Bastian, namesake and founder of Angie’s BOOMCHICKAPOP. “It was a dream of my husband Dan and I to create positive energy when we started our little popcorn company in our Minnesota garage. We’re proud of what our team has built, and can’t wait to see it taken to the next level. Dream big, work hard and crush it!”
“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.”
McGrath North served as legal counsel to Conagra Brands, Inc. Lindquist & Vennum LLP served as legal counsel to Angie’s Artisan Treats, LLC. Houlihan Lokey served as financial advisor and Kirkland & Ellis LLP served as legal counsel for TPG Growth.
About Conagra Brands
Conagra Brands, Inc. (NYSE: CAG), headquartered in Chicago, is one of North America’s leading branded food companies. Guided by an entrepreneurial spirit, Conagra Brands combines a rich heritage of making great food with a sharpened focus on innovation. The company’s portfolio is evolving to satisfy people’s changing food preferences. Conagra’s iconic brands, such as Marie Callender’s®, Reddi-wip®, Hunt’s®, Healthy Choice®, Slim Jim® and Orville Redenbacher’s®, as well as emerging brands, including Alexia®, Blake’s®, Frontera® and Duke’s®, offer choices for every occasion. For more information, visit www.conagrabrands.com.
About Angie’s Artisan Treats, LLC
Husband and wife entrepreneurs Dan and Angie Bastian founded the snack company out of their garage in 2001 in Mankato, MN as a means of teaching their children the value of hard work and creating a college fund for them. They also wanted to create a snack they felt good about feeding them. Their gluten free, non-GMO, whole grain popcorn was rebranded from Angie’s to Angie’s BOOMCHICKAPOP in 2012. The popcorn is proudly sold in natural food, grocery, club, drug and mass retail outlets nationwide with a product presence in Canada, South Korea, Peru, the Caribbean and Mexico. Angie’s BOOMCHICKAPOP is loved by fans as a positive, empowered brand that makes real food with simple ingredients and delivers a hugely-flavorful taste experience.
About TPG Growth
TPG Growth is the middle market and growth equity investment platform of TPG, the global alternative asset firm. With more than $8.3 billion of assets under management, TPG Growth targets investments in a broad range of industries and geographies. TPG Growth has the deep sector knowledge, operational resources, and global experience to drive value creation, and help companies reach their full potential. The firm is backed by the resources of TPG, which has more than $73 billion of assets under management. For more information, visit www.tpggrowth.com.