Eagle Foods boosts its snacks portfolio with acquisition of Popcorn, Indiana

US-based private equity firm Kelso & Company’s Eagle Foods has acquired ready-to-eat (RTE) snack manufacturer Popcorn, Indiana.

Popcorn, Indiana provides a wide range of flavours and products, including Kettlecorn and Black & White Drizzlecorn.

The acquisition is part of the company's initiative to enhance its portfolio and increase Eagle Foods' scale and importance in the RTE popcorn category, which has been growing at an annual rate of 5% to 6%.

Popcorn, Indiana will join Eagle Foods' snacks portfolio G.H. Cretors and Hi I'm Skinny. With the latest addition, Eagle Foods will be able to offer its customers both branded and private label products.

Eagle Foods chief executive officer Paul Smucker Wagstaff said: "Our acquisition of Popcorn, Indiana soundly demonstrates Eagle Foods' commitment to expanding our product offerings to best meet the needs of our customers and consumers.

"The Popcorn, Indiana brand is a strategic addition to our existing selection of RTE popcorn."

Popcorn, Indiana chief executive officer Jared Konstanty will remain with Eagle Foods through the end of the year to assist with the integration.

Eagle Foods also offers a portfolio of canned milk brands, including PET Evaporated Milk, Magnolia, and Milnot among others.

Kelso & Company is a middle-market private equity firm, which has raised a total of nine private equity funds since 1980, representing approximately $12bn of capital, and made more than 120 investments.