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Post Holdings announced Thursday that it would buy the private label and branded cereal, granola, and snacks businesses of Hearthside Food Solutions.
The all-cash deal for $158 million is expected to close by June 2013. The acquisition includes a 135,000-square-foot manufacturing facility and a 30,000-square-foot finished goods warehouse, Post said in a news release announcing the move.
Post said it planned to combine the acquired assets with its Attune Foods business, which it bought in December. Attune Foods will continue to be managed independently and will report to Chief Operating Officer Terence E. Block.
“This transaction expands Post's participation in the high-growth segments of the cereal category, and we are excited about the expanded footprint it provides us,” Post CEO Bill Stiritz said in the release. “This acquisition will provide us with expanded presence with new retail partners and will be accretive to both top-line growth and earnings.”
Post will acquire assets from Hearthside comprising the
Post was bought by Ralcorp in 2008 before being spun off by Ralcorp in 2012 as the company moved to be a “pure private label processor,” PLBuyer reported in February 2012.