NexPhase Capital, LP (“NexPhase”), an operationally-focused private equity firm, has announced the sale of Popcornopolis LLC (“Popcornopolis”) to Barcel USA, the U.S. snack division of Grupo Bimbo S.A.B. de C.V. and manufacturer of snack brand Takis. Terms of the transaction were not disclosed.
Popcornopolis was founded in 2003 by entrepreneurs Wally and Kathy Arnold, who set out to create the world’s best gourmet popcorn. Today, Popcornopolis is a manufacturer and marketer of high-quality, indulgent, ready-to-eat popcorn snacks, including Zebra, Unicorn, and Double Drizzle varieties. Popcornopolis is recognized for its innovative and one-of-a-kind cone-shaped packaging, with products available across Club, Food, Drug, Mass, Convenience, and E-Commerce channels.
NexPhase invested in Popcornopolis in 2019 with a focus on expanding distribution in the Food, Drug and Mass channels and growing its direct-to-consumer business. Key to this strategy was the launch of a new line of everyday snack products to complement the company’s legacy portfolio of indulgent, giftable items. As a result, Popcornopolis is now the fastest-growing ready-to-eat popcorn brand at retail and saw record e-commerce growth in 2021.
“We have only scratched the surface of the potential of this brand, and we are excited to introduce more consumers to our wildly delicious, indulgent popcorn as part of Barcel USA’s leading snack platform,” said Danny Simon, chief executive officer of Popcornopolis. “We are grateful for our fantastic partnership with the NexPhase team, whose consistent support and strategic guidance have been instrumental to the exceptional growth of this brand.”
“We are proud to have been a part of Popcornopolis’ remarkable growth over the past two years,” added Jamie Kaufman, a Partner at NexPhase. “With Popcornopolis’ focus on quality, innovation, and omnichannel sales, the brand will be an excellent addition to Barcel USA’s impressive snack portfolio.”
“We believe Popcornopolis makes the best permissibly indulgent popcorn, and with indulgent popcorn flavors outpacing the growth of the broader ready-to-eat popcorn category, we believe the company is poised for strong, continued growth,” added Doug Corbett, operating partner at NexPhase Capital.
William Blair acted as financial advisor to NexPhase and Popcornopolis on the transaction, while Lowenstein Sandler LLP served as legal advisor.