Consumer brands giant Post Holdings have agreed to purchase cereal brand Weetabix for a sum of £1.4bn.

The acquisition of the Weetabix brand, which had been owned by Chinese company Bright Food group for the past five years, is set to further strengthen Post Holding’s presence in the UK market.

Post is paying 11.7 times adjusted earnings before interest, tax, depreciation and amortisation for Weetabix.

The purchase of Weetabix is the company’s latest attempt at consolidating part of the cereals, snacks and protein bar market after a series of acquisitions were made by the company since 2012, including the purchase of PowerBar, Musashi and related worldwide assets from Nestlé in 2014 and more recently the acquisition of competitor MOM Brands.

Over its five-year ownership of Weetabix, the Chinese company struggled to fulfil its intentions for the brand which were to expand its consumer base in China, predominantly. After a number of acquisitions, Post Holdings has become a large player in the protein drinks and protein bars market.