Post Holdings to Acquire Premier Nutrition Corporation
Post Holdings, Inc., a manufacturer, marketer and distributor of branded ready to eat cereals, announces it has signed a definitive agreement to acquire Premier Nutrition Corporation (PNC).
PNC is a rapidly growing marketer and distributor of premium protein beverages and foods under its Premier Protein brand and nutritional supplements under its Joint Juice brand. This acquisition provides Post a platform in the growing active nutrition and supplements businesses. The PNC business will be independently managed by its experienced management team located in Emeryville, California. David Ritterbush, current Chief Executive Officer of PNC, will continue in that role.
"We are excited to enter this high growth and dynamic category," says Bill Stiritz, Post chairman and chief executive officer. "We could not be more impressed with the terrific quality of the Premier team Dave has put together," Stiritz continues.
Terms of the deal call for $180 million in cash to be paid at the time of closing, subject to a working capital adjustment. The company anticipates completing the all-cash transaction by September 2013, subject to customary closing conditions including the expiration of waiting periods required under antitrust laws and the receipt of necessary third party consents.
Related Articles:
Post Holdings to Close Plant
Post Grape-Nuts Launches New Campaign
Post Foods Launches New Cereal Line
PNC is a rapidly growing marketer and distributor of premium protein beverages and foods under its Premier Protein brand and nutritional supplements under its Joint Juice brand. This acquisition provides Post a platform in the growing active nutrition and supplements businesses. The PNC business will be independently managed by its experienced management team located in Emeryville, California. David Ritterbush, current Chief Executive Officer of PNC, will continue in that role.
"We are excited to enter this high growth and dynamic category," says Bill Stiritz, Post chairman and chief executive officer. "We could not be more impressed with the terrific quality of the Premier team Dave has put together," Stiritz continues.
Terms of the deal call for $180 million in cash to be paid at the time of closing, subject to a working capital adjustment. The company anticipates completing the all-cash transaction by September 2013, subject to customary closing conditions including the expiration of waiting periods required under antitrust laws and the receipt of necessary third party consents.
Related Articles:
Post Holdings to Close Plant
Post Grape-Nuts Launches New Campaign
Post Foods Launches New Cereal Line