Post Holdings acquires Weetabix Limited
Parent company of Michael Foods acquires UK cereal company
Post Holdings, the parent company of egg company Michael Foods, has completed the acquisition of Weetabix Limited, a leading cereal company in the United Kingdom.
The acquisition was finalized on July 3.
The purchase was valued at GBP1.4 billion (US$1.8 billion) and was funded with cash on hand and partial proceeds from an incremental term loan facility, $1 billion of which was funded on June 29.
Post Holdings, which is best known for its line of breakfast cereals, entered the egg industry when it acquired Michael Foods from GS Capital Partners in 2014. It has since acquired Willamette Egg Farms and National Pasteurized Eggs. Michael Foods, according to the WATTAgNet Top Poultry Companies Database, is the seventh largest egg company in the United States.