Smartfood popcorn was sold to Frito-Lay in 1989 for what amount?

Frito-Lay bought Smartfood in 1989 for $15 million.

Smartfood began as a pre-popped popcorn brand built around the idea that packaged popcorn could still taste fresh and use real cheese. The company was founded by Annie Withey, Andrew Martin and Ken Meyers, with production and early marketing centered in Massachusetts.

The sale came during Smartfood’s rapid rise in the late 1980s, when flavored popcorn was becoming a major packaged-snack category. Frito-Lay, the snack division of PepsiCo, purchased the company in January 1989 and provided the distribution network needed to take Smartfood nationwide.

The founders later pursued other food ventures. Withey and Martin went on to establish Annie’s Homegrown, known for macaroni and cheese and other organic products. Smartfood remains a Frito-Lay brand, and its white-cheddar popcorn is its best-known product. The amount is often confused with larger figures associated with later brand growth or corporate acquisitions.