Michael Foods, a subsidiary of Post Holdings, has entered into an agreement to acquire the Almark Foods plants in Arizona and Tennessee.
The companies announced the planned transaction on December 14. The acquisition is expected to be completed by the first calendar quarter of 2021.
The two plants to be acquired by Post Holdings produce hard-boiled and deviled egg products. Upon completion of the acquisition, Almark will be combined with Post’s existing Michael Foods egg business. The financial results of Almark are expected to be split between Post’s Foodservice and Refrigerated Retail segments.
"Almark Foods grew the retail hard-boiled egg business into a category leader and we are pleased that Michael Foods will be able to take this business to the next level," said Rick Anderson, who earlier in 2020 was named CEO of Almark Foods.
Almark Foods, according to the company website, was founded in 1990 to meet the growing demand for egg options.
Anderson said Artisan Kitchens, a current division of Almark Foods, is not being acquired as part of this transaction, and will remain employee owned.
Cody Peak Advisors, LLC acted as exclusive advisor to Almark on the transaction. Terms of the deal were not disclosed.
Post Holdings’ announcement to acquire the Almark Foods facilities comes a week after it announced it would acquire the Peter Pan peanut butter operation from Conagra Brands. That transaction is also expected to close during the first calendar quarter of 2021.
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.
