CHICAGO, Sept. 22, 2017 /PRNewswire/ -- 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.
For more information, please contact:
MEDIA:
Dan Hare
312-549-5355
daniel.hare@conagra.com
INVESTORS: Brian Kearney
312-549-5002
ir@conagra.com
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SOURCE Conagra Brands, Inc.