Letter of Intent Signed for Purchase of Detroit Popcorn Company

The Harris Financial Group, Ltd., LLC (HFG) today announced the minority-owned investor group has signed a letter of intent to acquire all the assets of the Detroit Popcorn Company. Managing Partner Ken Harris made the announcement on behalf of HFG.

“This was a business idea that just ‘popped’ for us,” said Harris. “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.”

Continued Harris, “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.”

Founded in 1923, the Detroit Popcorn Company specializes in a variety of ready-to-eat snack foods and a broad range of concession equipment and supplies for all types of fun foods, including popcorn, cotton candy, nachos, frozen drinks, corn dogs, candy apples and more.

Other specialties of the concession equipment, supply and fun food dealer are sales and service, rentals, leases, fundraising programs for schools, churches and other organizations and more. The company can outfit complete concession stands, a popcorn machine for showroom or home, all types of snacks and more.

According to the Popcorn Board, a non-profit check-off organization funded by U.S. popcorn processors, Americans consume 15 billion quarts of popped popcorn annually or 45 quarts per man, woman and child. It is one of the most wholesome and economical foods available.

Harris is a metro Detroit entrepreneur and businessman, bringing more than 25 years of experience in entrepreneurship, finance and business acumen to the Detroit Popcorn Company.

“Our minority company members, including Reggie Kelley, bring vast corporate and entrepreneurial experience to the Detroit Popcorn Company that will take the business well into the future,” said Harris. “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 has more than 26 years of providing services to private cap companies seeking advice on acquiring or expanding their products or services via organic or inorganic growth.

The sale of the business had been in the process of returning it to past owner David Farber when the HFG offer was made. Farber removed himself and became facilitator in the direct sale to HFG to expedite the transaction directly into their hands. At the time of HFG’s offer, Farber had been exercising a contract clause to purchase the business back from the business's owner.

While Farber will no longer hold an ownership stake in the Detroit Popcorn Company, he has been invited and 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.

Learn more at www.DetroitPopcorn.com.