Glanbia has announced it has acquired thinkThin for $217m (€202m). Based in Los Angeles, California, thinkThin produces a range of high protein bars, snacks and oatmeal targeted at lifestyle consumers in the US.
For the twelve months to the end of September 2015, thinkThin generated sales of $84m (€78m), with a compound average growth rate for the previous three years of 31%. The group distributes its products for sale in food, natural and mass retail channels in the US.
Glanbia see the acquisition of thinkThin as a fit within its Global Performance Nutrition (GPN) portfolio as it will increase its presence in the nutrition bar category which is valued at $2.8bn in US retail. Glanbia also the addition of thinkThin as a platform to enter the “better for you” snack products category.
“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. The transaction is firmly aligned with our overall growth ambitions and positions us well in the fast growing nutrition bar category as well as being value enhancing for our shareholders,” said Glanbia managing director Siobhán Talbot.
Glanbia say the deal will be completed by the end of the 2015 financial year and will be marginally earnings accretive in 2016. The acquisition will be funded from existing debt facilities.