Conagra to Acquire Better-for-You Popcorn Maker

CHICAGO — Conagra Brands Inc. has entered into a definitive agreement to acquire Angie's Artisan Treats LLC, maker of Angie's Boomchickapop ready-to-eat popcorn.

Conagra is buying Angie's Boomchickapop from TPG Growth, the middle market and growth equity platform of alternative asset firm TPG.

"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. We are looking forward to working together to grow the brand and create value for our shareholders."

Financial terms of the deal were not disclosed. The transaction is expected to close by the end of 2017, and is subject to customary closing conditions, including the regulatory approvals.

"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," said Mark Zucher, CEO of Angie’s Artisan Treats. "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. 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. Angie's Boomchickapop has a presence in the United States, 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. "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."

McGrath North served as legal counsel to Conagra. Lindquist & Vennum LLP served as legal counsel to Angie's Artisan Treats. Houlihan Lokey served as financial advisor and Kirkland & Ellis LLP served as legal counsel for TPG Growth.

Headquartered in Chicago, Conagra Brands is one of North America's leading branded food companies. Its brands include: Slim Jim, Marie Callendar's, Reddi-wip, and Orville Redenbacher's.