Post Buying Golden Boy, Dymatize In 2 Deals
ST. LOUIS (AP) -- Cereal maker Post Holdings is buying Golden Boy Foods Ltd. and Dymatize Enterprises LLC to help expand its store-brand and nutrition businesses.
Post said Monday that it is buying privately held Golden Boy from affiliates of Tricor Pacific Capital Inc. and other shareholders for $320 million Canadian ($300.2 million U.S.). Golden Boy makes private label peanut butter and other nut butters. It also makes dried fruit, baking and snacking nuts. The Canadian company is a supplier to U.S. and Canadian retail and food-service companies.
Post Holdings Inc. said it plans to combine Golden Boy with Dakota Growers Pasta Co. That acquisition, which was announced in September, is targeted to close in January. Golden Boy CEO Richard Harris will manage the combined business.
St. Louis-based Post is buying privately held Dymatize, which makes protein powders, bars and nutritional supplements under the Supreme Protein and Dymatize brands, from affiliates of TA Associates and other owners for $380 million. There may also be an additional payment of up to $17.5 million if Dymatize hits certain profit targets next year.
Dymatize will continue to be headed by its current President and CEO, Greg Venner.
Both deals are expected to close around Feb. 1, 2014.