The Simply Good Foods Company (Nasdaq: SMPL), a developer, marketer and seller of branded nutritional foods and snacking products, is buying Only What You Need, a plant-based ready-to-drink protein shake brand, for $280 million.
Only What You Need is a protein shake brand that looks to drive Simply Good Foods’ portfolio with further diversification and provides the company with a greater presence within the ready-to-drink protein shake segment. 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’ leadership 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,” comments Geoff Tanner, president and CEO of Simply Good Foods. “Additionally, OWYN reaches a new, incremental consumer segment which strengthens our category leading presence with retail customers.”
Centerview Partners LLC is serving as an advisor to the Simply Good Foods Company and Fried, Frank, Harris, Shriver & Jacobson LLP is providing legal counsel in connection with the transaction. Houlihan Lokey Inc. is serving as a financial advisor to OWYN and Greenberg Traurig LLP is serving as its legal advisors.