Glanbia, the Ireland-based dairy and sports nutrition group, has struck a deal to acquire US protein bar maker ThinkThin for US$217m.

ThinkThin generated annual sales of $84m in the 12 months to the end of September. The company generated an compound average growth rate of 31% for the previous three years, Glanbia said.

Siobhán Talbot, Glanbia’s MD, claimed ThinkThin was “a premium lifestyle nutrition product with very strong brand equity”.

She added: “ThinkThin represents an excellent strategic addition to our portfolio of market leading performance nutrition brands. The transaction is firmly aligned with our overall growth ambitions and positions us well in the fast growing nutrition bar category as well as being value enhancing for our shareholders.”

Glanbia said the acquisition would also give it a “a great platform” for to enter the “better for you” snack category.

It expects to close the deal by the end of its current financial year, which runs into early January.

The company forecast the transaction would be “marginally earnings accretive” in 2016.