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Permira Funds to acquire maker of PopCorners

Private equity firm Permira is to simultaneously acquire Medora Snacks (Medora) and Ideal Snacks Holding Corporation (Ideal). Terms of the transaction have not been disclosed. 

Medora manufactures branded better-for-you snacks, including PopCorners, PopCorners Whole Grain, Pop Crinkles, and popped bean chips. Ideal a contract manufacturer of better-for-you diversified popped snacks. Permira will combine Medora and Ideal under a single holding company called BFY Holdings I.

Based in New York State, Medora and Ideal have best-in-class proprietary popping technology as well as a differentiated and healthier product assortment with a particular strength in the club and grocery channels. Medora’s most well-known brand, PopCorners, is one of the fastest-growing brands in the better-for-you snack category, combining the healthier attributes of popcorn with the universal appeal of chips. PopCorners® are available in seven flavours with a growing presence across North America and internationally. Zeke Alenick, founder of both Medora and Ideal, along with other members of management will remain with BFY Holdings and own a minority stake in the company going forward. Medora and Ideal will maintain their current facilities in Middletown, NY and Liberty, NY, respectively.

John Coyle, a Permira Partner, says: “We are in the midst of a seismic shift within the food industry in which consumers are actively seeking out healthier snack products while not sacrificing taste. 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 this growing consumer demand. With better-for-you snacking trends on the rise globally, BFY Holdings has tremendous potential to capitalise on the clear market opportunities, including expanding brand awareness and distribution of its existing products, and continuing to introduce new and exciting products. The Permira funds have a successful track record of investing in leading consumer companies, including those focused in the areas of healthy living, and we are excited to support BFY Holdings in pursuit of becoming the global leader in the better-for-you snack category.”

Alenick says: “This is the perfect time for Medora and Ideal to bring on a strategic growth partner and we couldn’t have found a better partner than the Permira funds. With their decades of experience backing growing consumer brands, we are eager to leverage their extensive expertise in marketing, sales, and international development to grow our company. They are fully aligned with our mission of making our customers happy by offering them delicious and wholesome snack options on the shelf, and with their support, we will continue to develop and expand our innovative products that consumers cannot help but love.”

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