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Conagra Brands to acquire Angie's Artisan Treats from TPG

Published 25 September 2017

Conagra Brands has agreed to acquire Angie's Artisan Treats, the maker of Angie's BOOMCHICKAPOP ready-to-eat popcorn, from TPG Growth, the middle market and growth equity platform of alternative asset company 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 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.



Source: Company Press Release