KILKENNY, Ireland -- Global nutrition company Glanbia plc, based in Kilkenny, Ireland, has announced that it has agreed to acquire thinkThin LLC for a cash consideration of $217 million.
Los Angeles-based thinkThin has a line of protein-enriched bars targeted at lifestyle consumers looking for wholesome, convenient and delicious snacks. thinkThin primarily distributes its products in food, natural and mass retail channels in the United States.
Net sales for the 12 months ending Sept. 2015 were $84 million.
“As a premium lifestyle nutrition product with very strong brand equity, thinkThin represents an excellent strategic addition to our portfolio of market leading performance nutrition brands,” said Siobhán Talbot, Glanbia Group managing director. “The transaction is firmly aligned with our overall growth ambitions and positions us well in the fast growing nutrition bar category.”
thinkThin will increase Glanbia Performance Nutrition’s (GPN) presence in the bar category and provide exposure to the rapidly expanding nutrition bar segment which is currently valued at $2.8 billion in U.S. retail. In addition, thinkThin provides a platform for GPN to enter the “better-for-you” snack products category as well as augment the GPN brand portfolio in its existing channels.
The companies anticipate that the transaction will close before the end of the 2015 financial year subject to the customary completion conditions and regulatory approval.
Lizanne Falsetto founded thinkThin in 1999 to create a range of high-protein products as a “better-for-you” alternative to snacks. The thinkThin range has expanded to include a portfolio of high-protein and protein-and-fiber bars as well as recent launches that include protein bites and protein and fiber hot oatmeal.
thinkThin products are distributed in a range of well-known U.S. food, drug and mass retailers. TSG Consumer Partners, an investor in the branded consumer sector, acquired a majority stake in thinkThin in December 2011.
Glanbia serves the nutritional needs of consumers directly through a range of branded products and as an ingredient partner to the wider food industry. It has deep roots in the dairy industry and has become a leading producer and marketer of quality performance nutrition products supporting active lifestyles.
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