Cereal company Post Holdings Inc. announced earlier today that it finalized an acquisition deal to purchase Premier Nutrition Corporation (PNC). The deal stipulated a US$180 million payment in cash to be made by Post Holdings on or before the scheduled closing date on September 2013.
Premier Nutrition Corporation supplies and distributes high quality protein food and beverages under the Premier Protein brand and nutritional supplements through Joint Juice. Under the deal, PNC will be independently operated by its existing management team headquartered in Emeryville, California. Current Premier Nutrition Corporation CEO David Ritterbush will continue leading the company.
The acquisition of PNC is expected to up net sales by US$130 to US$140 million and contribute US$17 to US$20 million to EBITDA following a year after the closing of the deal.
"We are excited to enter this high growth and dynamic category," remarked Post Holdings Chief Executive Officer and Chairman Bill Stiritz. "We could not be more impressed with the terrific quality of the Premier team Dave has put together."
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