US firm Snyder’s-Lance has announced that its Kettle Foods subsidiary has completed the acquisition of Metcalfe’s Skinny Limited., the owner of Metcalfe’s skinny Popcorn.
The company has acquired the remaining 74% interest in the leading UK premium popcorn brand, having initially acquired a 26% stake in the business back in January. At the time, Kettle Foods was owned by Diamond Foods which has since been acquired by Snyder’s-Lance in deal worth nearly $2bn.
Metcalfe was founded in 2009 by Julian Metcalfe, the co-founder of Pret A Manger and founder of itsu. It is now one of the UK’s leading premium popcorn brands, and also sells a range of corn and rice cake products.
The deal will give Snyder’s-Lance an opportunity to tap into the fast-growing UK popcorn market which has grown by 45% over the last two years (Nielsen total Crisps & Snacks, value sales MAT to 16 July 2016). The group said the combination of Metcalfe’s skinny popcorn and its KETTLE Chips brand will allow Kettle Foods to evolve into a more widely based premium snacking leader in Europe.
Carl E. Lee, Jr., President and Chief Executive Officer of Snyder’s-Lance commented: “We are excited to add the Metcalfe’s skinny brands to our portfolio and expand our presence in the UK marketplace. We see tremendous growth in the UK with additional opportunities for further international expansion for our innovative collection of snacking brands. This addition to our branded portfolio provides us with another better-for-you option in a growth snacking category in the European markets, and we look forward to supporting the continued success of the Metcalfe’s skinny brands.”
Ashley Hicks, Managing Director of Kettle Foods, added: “Metcalfe’s skinny popcorn is an incredibly innovative premium brand that has built a strong foundation in the UK market. We now have the opportunity to extend the brand’s success story with further innovation and brand development, and as a result, drive even stronger growth in this exciting category.”