Weaver Popcorn Acquired By Private Equity Firm
AUA Private Equity Partners, LLC has acquired Weaver Holdings, LLC, the parent company of Weaver Popcorn, a private label supplier and co-manufacturer. Financial terms of the transaction were not disclosed.
According to AUA, Weaver is the largest independent manufacturer of popcorn products in the United States. Alongside its investment in Weaver Popcorn Manufacturing, AUA Private Equity will bring the firm’s experience in professionalizing and improving family-owned food manufacturing businesses to help expand on the Weaver Family’s well-invested assets and passionate employee base, the company said.
“Our partnership with the Weaver Family and Weaver Popcorn Manufacturing is emblematic of what AUA Private Equity does best – partnering with family-owned businesses to take them to the next level,” Andy Unanue, managing partner of AUA Private Equity, said in a press release. “We will proactively focus on operational upside by supporting the team with capital and resources while preserving Weaver Popcorn Manufacturing’s entrepreneurial and solution-oriented culture.”
According to Weaver’s website, the company that is headquartered in Van Buren, Ind., was founded in 1928 by Reverend Ira Weaver. He selectively chose Indiana farmland as the starting point, shucking and bagging his own carefully-grown popcorn, then personally delivering it to his customers with the assistance of a horse-drawn wagon. Over the years, the company expanded its family of farmers throughout the United States corn belt across seven states.
“We are thrilled to partner with AUA Private Equity and its phenomenal team, who has a demonstrated history of success in food manufacturing and helping to propel the growth of family-owned businesses,” said Jason Kashman, CEO of Weaver Popcorn Manufacturing. “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. The resources that AUA Private Equity brings will ultimately benefit our customers and associates at Weaver.”
In an interview with Mergers & Acquisitions, David Benyaminy, a partner at AUA, said the snacking category as a whole and the better-for-you snacking segment, are areas of focus in the product categories.
“And retailers see private labels as a way to create brand loyalty,” he said. “Private labels were once considered inferior products. That’s no longer the case.”
