Glanbia acquires US healthy snacks maker thinkThin for over €200m
Irish dairy giant Glanbia has acquired US healthy snacks manufacturer thinkThin for $217m (€202m).
In a statement this morning Glanbia said ThinkThin has a range of protein enriched bars targeted at lifestyle consumers. It distributes its products in food, natural and mass retail channels in the US.
Net sales for the twelve months to the end of September 2015 were $84m, with a compound average growth rate for the previous three years of 31pc.
Glanbia managing director Siobhán Talbot said: "As a premium lifestyle nutrition product with 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."
Glanbia said that the acquisition will increase its provide exposure to the "rapidly expanding nutrition bar segment which is currently valued at $2.8 billion in US retail".
It is anticipated that the deal, which is still subject to completion conditions and regulatory approval, will complete before the end of the 2015 financial year.
Glanbia said the transaction will be marginally earnings accretive in 2016 and will be funded by debt from existing facilities.