Popping Into New Ownership: Legacy Popcorn Maker Acquired By Private Equity

The popcorn category got a shake-up this week as Weaver Holdings, the largest manufacturer of popcorn in the U.S., was acquired by AUA Private Equity Partners for an undisclosed amount.

According to a press release, West Palm Beach-based AUA aims to inject “efficiency” into Weaver and take the fourth-generation, family-owned business “to the next level” by adding capital resources and bringing executive experience to its board of directors.

“We are tapping into our bench of operating partners to enact meaningful change at the Company,” said VP of AUA Private Equity Charlie DeVries in a press release statement. “We’ve added Mike Tracy, formerly the SVP of Supply Chain at Conagra, and Ted Schouten, formerly the president of TruFood Manufacturing to the board of directors. Both individuals will help oversee the investment and augment governance.”

The announcement did not include details on any immediate changes to Weaver’s business or manufacturing structure.

AUA currently manages other CPG food manufacturers including Epic Baking Company, specialty food holding company Gourmet Culinary Partners, and Latinx branded and private-label dessert maker Raymundo’s. It has closed partnerships over the years with other CPG producers like Pittsburgh-based TruFood, Indulge Desserts Holdings and frozen Asian appetizer maker Water Lilies Fine Asian Cuisine.

Sales of ready-to-eat popcorn/caramel corn reached $2.1 billion in the 52-week period ending November 10, growing +9.3% year-over-year, according to Circana omnichannel data. Microwave popcorn sales rose 2.6% and kernel popcorn increased 8% during the same period.

Founded in 1928, Van Buren, Indiana-based Weaver is a private label manufacturer and co-packer of ready-to-eat popcorn, popping corn popcorn snacks and microwave popcorn for national brands and foodservice clients. The company also makes the Pop Weaver brand popcorn.

The popcorn category continues to rise for private label brands with sales up for microwave (2.3%) and kernel ((17.8%) in the last 52 weeks, according to Circana data. Yet, Pop Weaver’s microwave popcorn sales were down -6%, with volumes down -7.4%.

It has been a year of change for Weaver, which agreed to sell two co-packing facilities to The Hershey Company in April. The Bethlehem, Pennsylvania and Whitestown, Indiana facilities manufactured the SkinnyPop brand, owned by the chocolate and confectionery giant.

Hershey’s chief supply chain officer Jason Reiman said in a statement at the time it was part of the company’s plan to “continue to evolve our supply chain, making significant investments in the size, scale and capabilities of our network, improving resiliency” by controlling its manufacturing and prioritizing its snacking portfolio.

“By building on the foundation that the Weaver family put in place, AUA Private Equity will allow us to expand our capabilities operationally and increase the pace of product innovation,” Weaver CEO Jason Kashman said in a statement. “The resources that AUA Private Equity brings will ultimately benefit our customers and associates at Weaver.”