Pontiac-based Harris Financial Group intends to acquire the troubled local business.
Harris Financial Group signed a letter of intent Thursday to acquire the Detroit Popcorn Company.
Detroit Popcorn Company made headlines last week when owner Evan Singer was called out on social media for making racist comments under the alias of “Even Sangria.”
The original comments were made on a post referencing the killing of 46-year-old black man George Floyd in Minneapolis by a police officer and the protests that have followed in cities around the country, including in Detroit and in other Michigan cities.
Shortly after screenshots of Singer’s comments surfaced on Facebook, former Detroit Popcorn Company owner David Farber told the Jewish News he intended to regain control of the company from Singer and then re-sell the company to a black-owned group.
But after Singer and Farber made a verbal agreement that Farber would take the company back, Singer decided not to sign the papers that would make the deal official.
According to a press release, Farber removed himself from exercising the contract clause that would allow him to buy back Detroit Popcorn when HFG, which is a black-owned company based in Pontiac, expressed interest in acquiring the business. The company will now move directly from Singer to HFG, and Farber will facilitate the sale.
“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,” HFG Managing Partner Ken Harris said in the press release.
Reggie Kelley, chief operating officer of HFG, is expected to handle the day-to-day operations of Detroit Popcorn.
“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,” Harris said. “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.”
Farber plans to continue on at the company in an advisory role during the transaction. The sale is expected to close in about 30 days.