Post Holdings, the US breakfast cereal group, has made two more acquisitions, its latest moves to expand the business through M&A.
The company said today (9 December) it would pay C$320m for Canada-based peanut butter manufacturer Golden Boy and splash out another US$380m on protein bar firm Dymatize.
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The deals follow four other acquisitions Post Holdings has made in the last 12 months.
Post struck a deal for Golden Boy, which makes a range of private-label nut butters for US and Canadian retailers, with current owner US private-equity firm Tricor Pacific Capital.
It said it would combine Golden Boy with Dakota Growers Pasta Co., the own-label pasta supplier it bought earlier this year.
The company said the acquisitions of Golden Boy and Dakota Growers Pasta Co. would “establish Post’s private-label platform”, creating a unit with annual sales of over US$500m.
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By GlobalDataThe acquisition of Dymatize, a manufacturer of protein powders, bars and nutritional supplements, comes three months after Post bought the branded food and beverage business of Premier Nutrition Corp., a maker of products like vanilla shakes. Post said at the time that deal would provide it with a springboard into the active nutrition and supplement market.
Post said adding Dymatize to its business would enable it to serve a different set of customers compared to the former Premier Nutrition Corp. assets. Dymatize supplies speciality US stores ,plus food, drug and mass merchandise outlets. Premier sells into club stores, as well as the food, drug and mass channels.
Reflecting on the two new deals, Post chairman and CEO Bill Stiritz said: “Active nutrition and private label are exciting categories with organic growth and consolidation opportunities.”
In May, Post paid $158m to buy cereal, granola and snacks assets owned by Hearthside Food Solutions. The deal included the Golden Temple, Peace Cereal, Sweet Home Farm and Willamette Valley Granola Co brands, as well as Hearthside’s private-label granola business.
Last December, it purchased Attune Foods, a branded breakfast cereal business but one operating in faster-growing segments like gluten free.
