STOCKTON, Calif. Diamond Foods, famous for its brand of high-end almond snack, this week has announced the completion of its acquisition of Pop Secret and related debts.
Formerly a popcorn business under the General Mills, Inc. umbrella, Pop Secret was purchased by Diamond Foods for $190 million, according to reports. The sale was completed in part with a five-year, unsecured credit facility worth $250 million put in order by Bank of America, N.A. This deal replaces Pop Secret’s former arrangements pertaining to its credit facilities and other debts.
The president and chief executive officer of Diamond Foods, Michael Mendes, welcomed the addition of Pop Secret, expressing excitement that Diamond Foods would be growing its snack business into the microwave popcorn category.