- Conagra is acquiring Angie's Artisan Treats.
- The deal continues Conagra's efforts to bolster its portfolio of branded food and snacks.
Orville Redenbacher's popcorn owner, Conagra Brands, is acquiring Angie's Artisan treats, maker of Angie's Boomchickapop popcorn, the company announced Friday.
"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," CEO Sean Connolly said in a statement.
The deal was first reported by CNBC. Terms were not disclosed. It is expected to close by the end of the year.
Conagra has been building up its snack businesses through acquisitions, including Frontera Foods in 2016 and Duke's meat snacks' parent company earlier this year.
For Angie's, the proposed acquisition will give the popcorn company resources to continue the growth it had under its private equity owner TPG Growth.
"We are confident that the Angie's Boomchickapop business will continue to expand its reach as a part of Conagra Brands," said Angie Bastian, namesake and founder of the company
Angie's began 16 years ago as Angie's Kettle Corn, which Angie and her husband Dan started in their Mankato, Minnesota, garage. They later renamed the company to reflect its broadening product assortment, but kept the name "Angie's" to distinguish from the many popcorn brands named for men: Orville, Cracker Jack and Vic's.
McGrath North served as legal counsel to Conagra Brands. Lindquist & Vennum was legal adviser to Angie's. Houlihan Lokey and Kirkland & Ellis were financial and legal advisers, respectively, to TPG Growth.