The Harris Financial Group, a minority-owned investor group in Pontiac, announced Thursday it has signed a letter of intent to acquire all assets of the Detroit Popcorn Co. in Redford Township.
Earlier this month, former 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. Financial details of the deal with Harris were not disclosed.
Singer is no longer affiliated with or employed by the business, which was founded in 1923.
The Detroit Popcorn Co. specializes in ready-to-eat snack foods and concession equipment and supplies for popcorn, cotton candy, nachos, frozen drinks, corn dogs, candy apples, and more. It also offers service for equipment, rentals, leases, and fundraising programs.
“Millions of people, myself included, absolutely love popcorn and associate it with some of the best times of our lives – from going on a date to the movies on a Saturday night and pulling your kids in the wagon at the zoo to cheering on your favorite team at sporting events – popcorn is part of it,” says Ken Harris, managing partner of The Harris Financial Group. “We’re very much looking forward to personally introducing ourselves to every employee and connecting with its diverse community in an inclusive way that brings inspiration and joy to those we encounter.”
Harris is a metro Detroit businessman with more than 25 years of experience in entrepreneurship, finance, and business.
“Our minority company members, including Reggie Kelley, bring vast corporate and entrepreneurial experience to the Detroit Popcorn Co. that will take the business well into the future,” Harris says. “I’m excited about this rare opportunity to continue the company’s legacy and remain committed to the high level of quality and service that its customers have come to expect.”
Kelley will serve as COO of the Detroit Popcorn Co. and 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. He will be an owner in the company.
According to the Popcorn Board, a nonprofit organization funded by U.S. popcorn processors, Americans consume 15 billion quarts of popped popcorn each year, or 45 quarters per person.
The business was in the process of being returning to Farber when The Harris Financial Group offer was made. Farber removed himself and became facilitator in the direct sale. At the time of the offer, Farber had been exercising a contract clause to purchase the business back from Singer.
Farber will no longer hold an ownership stake in the company but is expected to continue on in an advisory capacity with the new ownership during the transition. The deal is expected to close in about 30 days.
Information on Farber’s reacquisition announcement is available here.