Global nutrition firm Glanbia has announced that it is to acquire the US functional snack bar firm ThinkThin for $217 million.
ThinkThin offers a range of protein enriched bars targeted at lifestyle consumers, primarily distributing its products in food, natural and mass retail channels in the US, Glanbia said in a statement. Net sales for the 12months to the end of September 2015 were $84 million, and the company saw a compound average growth rate for the previous three years of 31%.
Glanbia added that ThinkThin would increase Glanbia Performance Nutrition’s presence in the bar category and provide exposure to a US retail market currently valued at $2.8 billion.
Commenting on the move, Glanbia group managing director Siobhán Talbot said: “I am very pleased to announce that we have reached agreement to acquire thinkThin. 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”.