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LONDON (Alliance News) - Glanbia PLC Monday said it is buying California-based protein bar maker thinkThin LLC for USD217 million in cash.
The nutrition group said the US acquisition will increase Glanbia Performance Nutrition's presence in the bar category and provide exposure to the nutrition bar segment.
Glanbia will fund the acquisition from its existing debt facilities and expects it to complete before the end of the 2015 financial year. It anticipates the transaction to be marginally earnings accretive in 2016.
thinkThin made net sales of USD84 million in the year ended September 2015, with a compound average growth rate for the previous three years of 31%. The Los Angeles, California-based company was founded in 1999.
"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," Group Managing Director Siobhán Talbot said in a statement.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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