Dec 9 Post Holdings Inc said it will
buy private label peanut butter maker Golden Boy Foods Ltd and
protein bar maker Dymatize Enterprises LLC for about $680
million to build up its nutritional and private-label foods.
Post, known for its breakfast cereals, agreed to buy Golden
Foods from affiliates of private equity firm Tricor Pacific
Capital Inc and other shareholders for C$320 million ($301
Golden Boy makes private label peanut butter and other nut
butters. It also sells dried fruit, baking and snacking nuts.
Post said it will also buy privately held Dymatize from
affiliates of TA Associates for $380 million.
Dymatize manufactures protein powders, bars and nutritional
supplements under the Dymatize and Supreme Protein brands.
Post is strengthening its nutritional products brands, a
market it believes will grow at a compound annual growth rate of
7 percent between 2014 and 2017.
It bought Premier Nutrition Corp in August and the Natural
Cereal, Granola and Snacks Business of Hearthside Food Solutions
Golden Boy had net sales of C$164 million and adjusted
earnings before interest, taxes, depreciation and amortization
(EBITDA) of C$23 million, for the nine months ended September
30, 2013, Post Holdings said in a statement.
Dymatize had net sales of $146 million and adjusted EBITDA
of $23 million, for the nine months ended September 30, 2013,
Post Holdings said.
St. Louis, Missouri-based Post said it will fund both the
acquisitions with cash on hand and available debt borrowings.