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SkinnyPop

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SkinnyPop
Product typePopcorn
OwnerThe Hershey Company
Produced byAmplify Snack Brands
CountryUnited States
Introduced2010; 14 years ago (2010)[1]
Related brandsHershey’s Popped Snack Mix
MarketsUnited States
Previous ownersAmplify Snack Brands
TaglineSimple Tastes Better
Websiteskinnypop.com

SkinnyPop is a snack brand of dairy-free popcorn currently owned by Hershey Co. after it acquired its former owner, Amplify Snack Brands Inc., for US$1.6 billion in 2017.[2][3]

History

Pack of SkinnyPop popcorn

SkinnyPop was founded in 2010 in Skokie, Illinois by Andy Friedman and Pam Netzky, with investors Jeffrey and Michael Eiserman.[4][5] Friedman and Netzky first entered the popcorn business in 2007 when they launched Wells Street Popcorn, which they sold in grocery stores and theaters near Chicago. In 2010, Friedman and Netzky developed a new popcorn recipe and launched a separate brand from Wells Street, which they named SkinnyPop Popcorn.[6][7] The first thousand bags of SkinnyPop were hand-produced by the company's founders and sold locally in Chicago stores. In October 2010, SkinnyPop signed with a distributor.[5][6] Due to time constraints from managing two brands, Friedman and Netzky franchised Wells Street Popcorn to Netzky's cousin at the end of 2010.[6]

By 2012, SkinnyPop was being manufactured in Chicago and distributed to 4,500 retail stores.[6] In early 2013, the company partnered with a food industry entrepreneur Jason Cohen to grow sales and distribution.[4] That year, SkinnyPop recorded $44 million in sales.[8] By August 2014, SkinnyPop was being sold in 25,000 retail stores in the United States as well as internationally. That same year, Friedman and Netzky sold their majority stake in the company to TA Associates for $320 million.[7][4] TA Associates hired Tom Ennis, former president of Oberto Brands, to be the company's CEO and reincorporated SkinnyPop as Amplify Snack Brands.[8][4]

Initial public offering and sale to Hershey

Amplify Snack Brands went public in 2015 with an initial public offering of $18 per share. That year, the company's sales were $176.9 million. Amplify shares hit a low in January 2016. They recovered later that year, but did not reach the initial IPO. In 2016, sales grew to $326.9 million.[8][9] In December 2017, Hershey Co. purchased Amplify Snack Brands for $1.6 billion at $12 a share.[10]

Products

SkinnyPop's original pre-popped popcorn was launched in 2010 and was made with sunflower oil and salt. Different flavors were later introduced.[6] The company released a microwave popcorn product in 2017.[9][8] Its other products include popcorn puffs and rice cakes.[10][11]

References

  1. ^ Our history on SkinnyPop (8 Jul 2021)
  2. ^ Sweet and salty! on CNN Business, 18 Dec 2017
  3. ^ Hershey to acquire SkinnyPop parent Amplify by Lauren Hirsch on CNBC, 18 Dec 2017
  4. ^ a b c d Wernau, Julie. "Skokie-based SkinnyPop partners with private equity firm". chicagotribune.com. Retrieved 2018-10-02.
  5. ^ a b "The Popcorn Magnate | Michigan Alumnus". Michigan Alumnus. 2015-08-24. Retrieved 2018-10-02.
  6. ^ a b c d e Confidential, Melissa Harris' Chicago. "Business is popping for healthier snack". chicagotribune.com. Retrieved 2018-10-02.
  7. ^ a b "SkinnyPop co-founder cooking up $10.6 million house in Lincoln Park". Crain's Chicago Business. Retrieved 2018-10-02.
  8. ^ a b c d "Terms of Service Violation". www.bloomberg.com. Retrieved 2018-10-02.
  9. ^ a b "SkinnyPop Tries Its Halo on Microwave Popcorn". Retrieved 2018-10-02.
  10. ^ a b Monica, Paul R. La. "Sweet and salty! Hershey buys SkinnyPop maker". CNNMoney. Retrieved 2018-10-02.
  11. ^ "Amplify c.e.o. expects rebound in ready-to-eat popcorn". Retrieved 2018-10-02.
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