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When Post Holdings conducted a call Monday to announce its quarterly earnings, it also was the company’s first public comment since announcing a deal to buy private label and branded businesses from Hearthside Food Solutions for $158 billion in cash.
The move adds to private label capabilities already at Post in its ready-to-eat units, and President Terry Block said on the call that Post would immediately look to add to its private label business.
“They're a provider of cereals, granolas and snacks to a diverse customer base, and their natural specialty and conventional channels consisting of proprietary brands and significant private-label brands, serving a portfolio of preeminent, specialty and conventional retailers,” Block said, according to transcripts of the call from Seeking Alpha.
Post bought the organic and natural cereal, granola, and snacks businesses from Hearthside and will look to combine that with its recently acquired Attune Foods business to create a division for organic, natural and non-GMO-verified cereal and adjacent categories.
“Additionally, management will continue to aggressively acquire new private-label customers further solidifying their vendor leadership position in the category, while potentially adding the ability to represent the Post RTE private-label capabilities to their arsenal and client list,” Block said, according to the Seeking Alpha transcripts.
Post was spun off from Ralcorp Holdings at the beginning of 2012. It bought Attune Foods in December.