Packaged foods giant Conagra Brands Inc. is buying Minnesota-based Angie's Artisan Treats, maker of the ready-to-eat popcorn brand Boomchickapop, to help energize its more traditional food portfolio.
Conagra is based in Chicago and owns brands like Marie Callender's, Hunt's, Healthy Choice, Slim Jim and Orville Redenbacher's. Terms of the deal were not disclosed. It is expected to close by the end of the year.
"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," Sean Connolly, president and chief executive of Conagra Brands, said in a statement.
He called Angie's a leader in "better-for-you snacking."
"It will be a great complement to our growing snack business," Connolly added.
Angie's makes more than a dozen flavors of its bagged popcorn, including sea salt and vinegar, dill pickle, salted caramel and dark chocolaty drizzled sea salt kettle corn. While not organic, the brand caters to more health-conscious and natural-foods consumers. Its products are all non-GMO, made with whole grains and free of gluten, trans fats, high-fructose corn syrup and artificial colors and flavors.
The move is the latest example of mega food companies' growing interest in startup brands that resonate with consumers who are increasingly distrustful of overly processed foods. General Mills in recent years has acquired a number of such brands, like Larabar, Cascadian Farm Organic and Food Should Taste Good, under its Small Planet Foods division.
Erin Lash, a food industry analyst with Morningstar, expected Conagra might soon make acquisitions in the natural and organic food space.
