Post Holdings Inc. (NYSE: POST) is picking up Willamette Egg Farms LLC for $90 million and adding it to Michael Foods, the buyer's current egg business.
Willamette, headquartered in Canby, Oregon, produces, processes and distributes eggs and related products in the northwest U.S., including cage-free and organic eggs. The company has production facilities in Oregon and Washington.
The deal gives Post additional geographic diversification when it comes to eggs, the company says. Post paid $2.45 billion for Michael Foods in 2014 in a move to strengthen protein-based foods. The business has made a handful of acquisitions over the years, adding pasta maker Dakota Growers Pasta Co. in 2013.
The buyer is best known for cereal brands, including Honey Bunches of Oats, Raisin Bran and Honeycomb.
As consumer habits shift, food businesses are making acquisitions to keep up. In the protein category, recent deals have come from Hormel Foods (NYSE: HRL), which added organic and natural meet distributor Applegate earlier in 2015, and the Hershey Co. (NYSE: HSY), which picked up jerky-maker Krave Pure Foods.