ST. LOUIS — Cereal maker Post Holdings has signed a definitive agreement to acquire Premier Nutrition, makers of the Joint Juice brand.
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.
"The acquisition provides Post a platform in the growing active nutrition and supplements businesses," Post stated in a release. "The PNC business will be independently managed by its experienced management team located in Emeryville, California. David Ritterbush, current CEO of PNC, will continue in that role."
Terms of the deal call for $180 million in cash to be paid at the time of closing, subject to a working capital adjustment, and Post anticipates completing the all-cash transaction by September 2013.
"We are excited to enter this high growth and dynamic category," said Bill Stiritz, Post chairman and CEO. "We could not be more impressed with the terrific quality of the Premier team Dave has put together."
Post Holdings is the parent company of Post Foods, LLC and Attune Foods, LLC. Post's products are generally sold to supermarket chains, wholesalers, supercenters, club stores, mass merchandisers, distributors, convenience stores and the foodservice channel in North America.
Post's portfolio of brands includes Honey Bunches of Oats, Pebbles, Great Grains, Post Shredded Wheat, Post Raisin Bran, Grape-Nuts and Honeycomb. With recent acquisitions, Post's portfolio of brands now also includes Attune, Uncle Sam, Erewhon, Golden Temple, Peace Cereal, Sweet Home Farm and Willamette Valley Granola Company.