The Harris Financial Group in Pontiac, doing business as We Pop the Corn, today announced it closed on the purchase of the assets of the Detroit Popcorn Co. in Redford Township on Thursday, Nov. 5. Terms of the deal were not disclosed.
The sale includes Detroit Popcorn Co.’s facility at 14950 Telegraph Road, which is on the Detroit border. Ken E. Harris, managing partner of Harris Financial, a minority-owned and -led investor group, made the announcement.
Founded in 1923, Detroit Popcorn Co. specializes in a variety of ready-to-eat snack foods and concession equipment and supplies for food including popcorn, cotton candy, nachos, frozen drinks, corndogs, candy apples, and more. It offers sales and services, rentals, leases, and fundraising programs.
“Building on the 100-year legacy of the Detroit Popcorn Co., we envision nurturing a new company led by example and committed to community,” Harris says. “Our first steps in assuming company ownership and leadership will be to work to establish a reputation of trust among our current and future customers and neighbors. Our focus is on inclusion, diversity, and equity.
“The Detroit Popcorn Co. intends to do the right thing in business and in treatment of all people as we’re welcomed into their homes, businesses, and lives. Along the way, we’ll have a little fun, too. After all, popcorn is a fun product that we all enjoy. It’s the ultimate snack food that helps bring people together.”
Harris is CEO of the company, and Reggie Kelley is COO. The two are majority stakeholders and plan to recruit more professionals.
“For this company to grow, succeed, and impact the community in a positive way, the way we envision it, we’re adding team members from diverse backgrounds and educational experiences who are accomplished in their areas of expertise,” Kelley says. “The result will be a powerful collaboration dedicated to the achievement and the success of the company and our community.”
Effective immediately, a percentage of the company’s proceeds will go to the Detroit Public Schools Foundation. The company has also formed a partnership with Yesterday’s Negro League Baseball Players Foundation, a nonprofit in Milwaukee that is committed to the preservation, dedication, and education about Negro League Baseball. The company is expected to help raise funds for the nonprofit to help individuals with limited means access this part of America’s history.
In early June, former Detroit Popcorn Co. owner David Farber came out of retirement to reacquire the business after Evan Singer, who had owned the company for a year and a half, posted a racially charged comment on Facebook. Farber said he planned to sell the company to African American investors. Farber had purchased the company several years ago and retooled the business model.
A few weeks later, Harris Financial signed a letter of intent to acquire all assets of the company. Harris is a metro Detroit businessman with more than 25 years of experience in entrepreneurship, finance, and business. Kelley has more than 26 years of experience providing services to private cap companies seeking advice on acquiring or expanding their offerings through organic or inorganic growth.
