The company announced that the acquisition was completed on October 3, less than two weeks after Post Holdings revealed its intent to purchase Willamette Egg Farms. The deal, according to a St. Louis Business Journal report, was valued at $90 million, and the company had earlier stated that it planned to finance the purchase from cash on hand.
Post Holdings, which has been most widely known for its line of breakfast cereals, entered the egg business after it purchased Michael Foods in June 2014. Now that the Willamette Egg transaction is completed, Post Holdings will combine Willamette Egg with Michael Foods, the sixth largest egg company in the United States.
"This transaction nicely complements our portfolio and fits well into Michael Foods," said Rob Vitale, Post's president and CEO. "Willamette Egg will further increase our leadership as the country's largest provider of cage-free egg products and contributes to additional geographic flock diversification."
On a full year basis, Willamette Egg is expected to contribute approximately $80 million to net sales and approximately $15 million of Adjusted EBITDA to Post's results.