ST. LOUIS (AP) — Cereal maker Post Holdings Inc. said Friday it agreed to acquire Premier Nutrition Corp., a distributor of protein drinks and nutritional supplements, for about $180 million.
The move allows Post to expand into the fast-growing nutrition and supplement arena. Premier's products include Premier Protein drinks and bars and Joint Juice products.
The deal is expected to close in September. It is expected to add $130 million to $140 million to Post's full-year revenue.
Post has been expanding through acquisitions lately. It acquired the cereal, granola and snacks business of Hearthside Food Solutions in May.
Post shares slipped 40 cents to $46.56 in morning trading, closer to the high end of the stock's 52-week range of $28.62 to $49.32.