Conagra Brands Enters Agreement to Acquire Angie’s Artisan Treats, LLC, Maker of Angie’s® Boomchickapop® Ready-To-Eat Popcorn, from TPG Growth
CHICAGO, Sept. 22, 2017 — Today Conagra Brands, Inc. (NYSE: CAG) announced that it has entered into a definitive agreement to acquire Angie’s Artisan Treats, LLC, the maker of Angie’s BOOMCHICKAPOP ready-to-eat popcorn, from TPG Growth, the middle market and growth equity platform of alternative asset firm TPG. Financial terms were not disclosed. The transaction is expected to close by the end of the calendar year, subject to customary closing conditions, including the receipt of regulatory approvals.
“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.
About Conagra Brands
Conagra Brands, Inc. (NYSE: CAG), headquartered in Chicago, is one of North America's leading branded food companies. Guided by an entrepreneurial spirit, Conagra Brands combines a rich heritage of making great food with a sharpened focus on innovation. The company's portfolio is evolving to satisfy people's changing food preferences. Conagra's iconic brands, such as Marie Callender's®, Reddi-wip®, Hunt's®, Healthy Choice®, Slim Jim® and Orville Redenbacher's®, as well as emerging brands, including Alexia®, Blake's®, Frontera® and Duke’s®, offer choices for every occasion. For more information, visit www.conagrabrands.com.
About Angie’s Artisan Treats, LLC
Husband and wife entrepreneurs Dan and Angie Bastian founded the snack company out of their garage in 2001 in Mankato, MN as a means of teaching their children the value of hard work and creating a college fund for them. They also wanted to create a snack they felt good about feeding them. Their gluten free, non-GMO, whole grain popcorn was rebranded from Angie's to Angie’s BOOMCHICKAPOP in 2012. The popcorn is proudly sold in natural food, grocery, club, drug and mass retail outlets nationwide with a product presence in Canada, South Korea, Peru, the Caribbean and Mexico. Angie's BOOMCHICKAPOP is loved by fans as a positive, empowered brand that makes real food with simple ingredients and delivers a hugely-flavorful taste experience.
About TPG Growth
TPG Growth is the middle market and growth equity investment platform of TPG, the global alternative asset firm. With more than $8.3 billion of assets under management, TPG Growth targets investments in a broad range of industries and geographies. TPG Growth has the deep sector knowledge, operational resources, and global experience to drive value creation, and help companies reach their full potential. The firm is backed by the resources of TPG, which has more than $73 billion of assets under management. For more information, visit www.tpggrowth.com.
Note on Forward-looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. These forward-looking statements include, among others, statements regarding expected benefits of a potential acquisition of Angie’s Artisan Treats, LLC, expectations about future business plans, prospective performance, and opportunities, regulatory approvals, and the expected timing of the completion of the transaction. We undertake no responsibility for updating these statements. Readers of this press release should understand that these statements are not guarantees of performance or results. There is no assurance that the potential transaction will be consummated, and there are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. These risks and uncertainties include: the timing to complete a potential acquisition of Angie’s Artisan Treats, LLC; the ability and timing to obtain required regulatory approvals and satisfy other closing conditions for the transaction; Conagra Brands' ability to achieve the intended benefits of acquisitions and divestitures, including the transaction described in this press release, the recent spin-off of Conagra Brands' Lamb Weston business, and the pending divestiture of the Wesson oil business; general economic and industry conditions; Conagra Brands' ability to successfully execute its long-term value creation strategy; Conagra Brands' ability to access capital; Conagra Brands' ability to execute its operating and restructuring plans and achieve its targeted operating efficiencies, cost-saving initiatives, and trade optimization programs; the effectiveness of its hedging activities, including volatility in commodities that could negatively impact its derivative positions and, in turn, its earnings; the competitive environment and related market conditions; Conagra Brands' ability to respond to changing consumer preferences and the success of its innovation and marketing investments; the ultimate impact of any product recalls and litigation, including litigation related to the lead paint and pigment matters; actions of governments and regulatory factors affecting Conagra Brands' businesses; the availability and prices of raw materials, including any negative effects caused by inflation or weather conditions; risks and uncertainties associated with intangible assets, including any future goodwill or intangible assets impairment charges; the costs, disruption, and diversion of management's attention associated with campaigns commenced by activist investors; and other risks described in the reports filed by Conagra Brands from time to time with the Securities and Exchange Commission. We caution readers not to place undue reliance on any forward-looking statements included in this press release, which speak only as of the date of this press release.
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INVESTORS: Brian Kearney