Engaged Capital reports activist stake in Boulder Brands Engaged Capital last night reported a 9.6% activist stake in natural consumer packaged food company Boulder Brands. Boulder's brands include Udi's, Glutino and Smart Balance. Engaged, the hedge fund founded by Glenn Welling, said it has engaged, and may continue to engage, in discussions with Boulder's management and board of directors regarding "means to enhance stockholder value." The company on July 8 announced a 15% headcount reduction in an organizational realignment. Shares of Boulder closed yesterday up 13c to $7.20.