Diamond Foods Acquires Pop Secret
Diamond Foods, which is engaged in processing, marketing and distributing culinary nuts and snack products under the Diamond and Emerald brands, has completed the acquisition of the Pop Secret popcorn business from General Mills, for approximately $190 million in cash. Both the companies are based in the US.
The purchase was funded, in part, by a new five-year $250 million unsecured credit facility. The facility, led by Bank of America, replaces the company’s previous credit facilities and senior notes.
Michael Mendes, president and CEO of Diamond Foods, said: “We want to welcome Pop Secret into the Diamond Foods family. Pop Secret extends our tradition of offering consumers high quality, nutritionally dense foods, and we look forward to generating excitement and growth in the microwave popcorn category.”