Post Holdings is to buy peanut butter maker American Blanching Co in a US$128m deal.

The private-label peanut butter maker operates a manufacturing facility in Fitzgerald, Georgia. Post plans to combine American Blanching with its existing peanut and nut butter business, Golden Boy.

“We are pleased with the progress at Golden Boy and we like the prospects for private label nut butters,” said William Stiritz, Post’s chairman and CEO. “American Blanching will nicely complement Golden Boy and expand our presence in this growing category.”

On a full-year basis, American Blanching is expected to contribute approximately $135 million to net sales and approximately $14 million to $16 million of Adjusted EBITDA.

The acquisition is expected to close in the first quarter of 2015.

Today, Post reported a net loss after acquisition related charges hit its third quarter bottom line. The firm did however report an increase in sales.

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By GlobalData