Post Holdings has signed a definitive agreement to acquire protein food and drink maker Premier Nutrition Corporation (PNC) for US$180m.
Post said that the move, which sees it take control of the Premier Protein brand, will provide it with a springboard into the active nutrition and supplement market.
“We are excited to enter this high growth and dynamic category,” said Bill Stiritz, Post chairman and CEO.
The business will operate as a stand-along unit and PNC’s exiting management team will remain in place, Post added.
On a full year basis, the transaction is expected to contribute approximately $130-$140m to net sales and approximately $17-20m to EBITDA.