The branded food giant has entered into an agreement to acquire Angie’s Artisan Treats, maker of the Boomchickapop ready-to-eat popcorn, from TPG Growth, the middle market and growth equity platform of alternative asset firm TPG, for an undisclosed amount.
The transaction is expected to be finalised by the end of 2017, subject to customary closing conditions, including the receipt of regulatory approvals.
Mark Zurcher, CEO of Angie’s Artisan Treats, said in a statement: “Angie’s Boomchickapop business has achieved exceptional growth… but is still in the early innings of realizing its full potential."
He added Conagra's “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”
Conagra’s popcorn portfolio
Conagra currently owns several top popcorn brands in the US in terms of market share, according to Euromonitor, including Orville Redenbacher’s (second largest popcorn in the US), Crunch ‘n’ Munch, Poppycock and Jiffy Pop.
PepsiCo-owned Smartfood leads the US popcorn category with the largest market share, while Boomchickapop ranks fifth in the category, Euromonitor’s latest data showed.
Additionally, Popcorn Indianan, previously owned by Dale & Thomas Popcorn, ranked seventh in the US popcorn market. The brand was recently scooped up by Eagle Family Foods Group for an undisclosed amount.
Euromonitor predicted the retail value of US popcorn products would reach $3,041m by the end of 2017, growing at a 3.5% CAGR to $3,605m by 2022.
Conagra also acquired Duke’s meat snacks and Bigs seeds brands recently, noting the deal added approximately 100 basis points to its grocery and snacks segment’s fourth quarter net sales growth rate.
The company will announce its Q1 2018 results on September 28, 2017.