Post Holdings has entered into a definitive agreement with Conagra Brands for Post to acquire the Peter Pan peanut butter brand from Conagra.
Financial terms of the agreement were not disclosed.
Peter Pan is an iconic, nationally recognized brand with a 100-year-old history and a diversified customer base across key channels. All Peter Pan peanut butter products are currently co-manufactured by 8th Avenue Food & Provisions, Inc., an affiliate of Post.
According to a press release from Post Holdings, Conagra will provide transitional services to facilitate transitioning the business. The transaction is expected to be completed in the first calendar quarter of 2021, subject to customary closing conditions, including the receipt of any applicable regulatory approvals.
Conagra appointed Goldman Sachs & Co. LLC as financial advisor to assist with the sale.
Headquartered in St. Louis, Post Holdings is a consumer packaged goods holding company operating in the center-of-the-store, refrigerated, foodservice, food ingredient and convenient nutrition food categories. The company acquired Michael Foods, the sixth largest egg company in the United States, in 2014. Post has since acquired Henningsen Foods, National Pasteurized Eggs and Willamette Egg Farms, and consolidated those operations into its Michael Foods business. Post also acquired Bob Evans Farms in 2018.
Conagra Brands, headquartered in Chicago, is one of North America’s leading branded food companies. Its key brands include Birds Eye, Marie Callender’s, Banquet, Healthy Choice, Slim Jim, Reddi-wip, and Vlasic. It is also a former poultry company, but it sold its broiler operations to Pilgrim’s Pride in 2004.
Once the transaction is finalized, Peter Pan will become the second major peanut butter brand to be owned by a diversified company with a presence in the poultry industry. Hormel Foods, the parent company of Jennie-O Turkey Store, the second largest turkey company in the United States, owns the Skippy brand.
