Post To Buy Premier Nutrition Corp. For $180 Million

ST. LOUISPost Holdings, Inc., has signed a definitive agreement to acquire Premier Nutrition Corporation for $180 million in cash. The acquisition will provide Post a platform in the growing active nutrition and supplements businesses.

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 PNC business will be independently managed by its management team in Emeryville, Calif. David Ritterbush, current chief executive officer 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. The company anticipates completing the all-cash transaction by September 2013, subject to customary closing conditions including the expiration of waiting periods required under antitrust laws and the receipt of necessary third-party consents.

In May, Post Holdings completed the previously announced acquisition of the branded and private-label cereal, granola and snacks business of Hearthside Food Solutions, a portfolio company of Wind Point Partners. In February 2012, Ralcorp Holdings, Inc., separated itself from Post Holdings for approximately $900 million and 20% of outstanding shares of Post Foods when it completed its spin-off of the cereal maker.