Private equity firm VMG Partners has acquired the Popchips brand in North America and most international markets outside of Europe.
The news comes as VMG announces the launch of Velocity Snack Brands (VSB), a snacking platform that will purchase and grow a portfolio of brands.
VSB will be headquartered in Los Angeles and led by Amit Pandhi, who was most recently CEO of frozen desserts brand Arctic Zero.
The unit will aim to provide founders and entrepreneurs of snacking brands the opportunity to build upon initial momentum while also creating a springboard for innovation.
VSB plans to invest broadly in snacking across salty, sweet and nutrition bar categories, with Popchips as the initial brand leading the endeavor.
“I couldn’t think of a better starting point for VSB than the acquisition of Popchips,” said Wayne Wu, general partner at VMG Partners.
“Building platforms in categories where VMG has been actively investing for nearly 15 years has been something we have been contemplating for some time and we are thrilled to kick off our first consumer products platform with Popchips as a partner.”
Popchips was founded in 2007 by Keith Belling and Patrick Turpin. Last year, Intersnack Group subsidiary KP Snacks bought Popchips Ltd, which owned the Popchips brand in Europe.
“I’ve been a fan of VMG for a long time and am thrilled to see Popchips as the anchor brand within the new Velocity Snack Brands platform,” said Belling.
“VSB’s mission is so well aligned with Popchips’ commitment to innovation and leadership in the better-for-you snack category, and I look forward to seeing how they leverage the expertise and operating synergies of the snack platform they are building to take Popchips to the next level.”
Earlier this year, VMG Partners told FoodBev it is looking to partner with brands offering something that has never been seen before in the food and beverage industry.
The firm has set up a $100 million fund with Hillhouse Capital that is targeting consumer brands with a global reach and “differentiated” offerings.
© FoodBev Media Ltd 2019