Glanbia, Ireland-based global leaders in performance nutrition, cheese and innovators in food has acquired ThinkThin, USA healthy snacks manufacturer for $217 million.
The acquired company ThinkThin deals with a range of protein enriched bars targeted at lifestyle consumers. It also distributes its products in food, natural and mass retail channels in the US. The company’s net sales for the twelve months were 84 million and has an average growth rate of 31% for last three years.
The growth rate and the similarity in the products they deal with has attracted Glanbia to acquire ThinkThin. The acquisition seems to fit well with the Glanbia’s Global Performance Nutrition (GPN) portfolio as it is expected to boost its presence in the nutrition bar sector which is valued at $2.8 billion in US retail market. Through this acquisition, Glanbia plans to set it foot into the “better for you” snack items category.
Siobhán Talbot, managing director of Glanbia said, “As a premium lifestyle nutrition product with a very strong brand equity, ThinkThin represents an excellent strategic addition to our portfolio of market leading performance nutrition brands. The transaction is firmly aligned with our overall growth ambitions and positions us well in the fast growing nutrition bar category as well as being value enhancing for our shareholders.”
The acquisition deal, which is still subject to completion conditions and regulatory approval, is expected to close before the end of 2015 financial year. The fund for the acquisition is said to be from existing debt facilities.