Saturday, May 18, 2024

The Simply Good Foods Company to acquire protein shake brand for $280m

The Simply Good Foods Company, a developer, marketer and seller of branded nutritional foods and snacking products, and Only What You Need (OWYN), a plant-based ready-to-drink (RTD) protein shake brand, have entered into a definitive agreement under which Simply Good Foods will acquire OWYN for $280 million.

The addition of OWYN, which Simply Good Foods will acquire from existing investor United Nutritional Brands, an affiliate of Purchase Capital LLC, and other minority investors, builds on Simply Good Foods’ position within the nutritional snacking category.

“The acquisition of Only What You Need is strategically compelling as it brings a third, complementary brand to Simply Good Foods and further enhances our presence in the fast-growing RTD shake segment,” said Geoff Tanner, President and Chief Executive Officer of Simply Good Foods.

“Additionally, OWYN reaches a new, incremental consumer segment which strengthens our category leading presence with retail customers. We are confident our go-to-market capabilities will accelerate profitable growth through accelerated distribution gains, increased household penetration and leveraging our cost-efficient supply chain.

“We’ll also look to leverage the knowledge of our collective R&D teams to continue to enhance core product performance and unlock white-space growth opportunities in other forms. Over the last few years, OWYN’s net sales growth rate has been top tier within the nutritional snacking category.

“In 2024, we expect OWYN will achieve net sales of approximately $120 million. They have strong relationships with blue-chip customers in both measured and natural channels and have an impressive, profitable and growing Ecommerce business.

“Upon the transaction’s closing, we look forward to working with Mark Olivieri, President and Chief Executive Officer of OWYN, and his leadership team. As we proceed through integration and become one Company, Mark will continue in his role and lead the OWYN team as we look to grow the brand.”

“Since OWYN’s launch in 2017, our goal has been to bring truth and transparency to everything we do while providing the best tasting RTD protein shakes in the market,” said Mark Olivieri, President and Chief Executive Officer of OWYN.

“This transaction is a continuation of our mission as Simply Good Foods is also committed to providing its consumers with quality products focused on high protein, minimal sugars and low levels of net carbohydrates. I’m extremely proud of everything the OWYN team has accomplished in establishing a $120 million dollar brand in such a short time.”

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