BFY Holdings will be a leader in the better-for-you snacks category, said Permira, which said the senior management team of both businesses including Medora/Ideal founder Zeke Alenick would remain with BFY and retain a minority stake going forward.
Permira partner John Coyle said the deal, terms of which weren't disclosed, would likely close in the third quarter of the year.
He added: “With their proprietary popping technology, Medora and Ideal have a distinct advantage in the industry which has enabled them to offer innovative, healthier and tastier snacks to meet growing consumer demand.”
Winners in the better for you US snacks category
According to IRI multi-outlet (MULO*) data published in the May issue of Snack World, (click HERE) the big winners in the snacks aisle this year have been ready-to-eat popcorn, meat snacks, seeds, and pulse-based snacks.
Some top-performing better-for-you brands in the IRI multi-outlet universe included SkinnyPop and Angie’s Boom Chicka Pop (RTE popcorn); Calbee Harvest Snaps (lentil and pea-based snacks); Beanitos (bean-based chips); Sensible Portions veggie straws; and Way Better Snacks (sprouted grain snacks).
However, PopChips did not perform as strongly, with dollar sales down 19.1% in the 52 weeks to Feb 22, 2015.
* MULO data covers retail sales through US supermarkets, drugstores, mass merchandisers, club stores, dollar stores (excl Dollar Tree), and military commissaries, but does not cover convenience stores or chains that don’t share data such as ALDI, Whole Foods and Trader Joe’s, so the figures below only provides a picture of conventional grocery channel sales.