Simply Good Foods, a branded nutritional and snack foods firm, has announced it has reached an agreement to acquire the functional foods maker Quest Nutrition for $1.0 billion in cash.
Quest Nutrition is described as being focused on creating snacks with high protein levels but minimal sugars and net carbohydrates. The firm’s product lineup includes snack bars, biscuits, savoury snacks, protein powders and pizzas.
“The acquisition of Quest strengthens Simply Good Foods’ position within the nutritional snacking category by expanding our portfolio of brands and product offerings while also providing us with greater consumer and channel diversification”, said Joseph E Scalzo, president and CEO of Simply Good Foods. “This combination delivers on our strategy to become a broader nutritional snacking company that offers consumers a broad range of brands and products that satisfy their nutritional needs”.
Quest Nutrition president and CEO Dave Ritterbush added: “We are excited to join the Simply Good Foods family and I’m personally pleased to be joining the Simply Good Foods Board of Directors upon closing, as we collectively drive the next stage of Quest’s growth”.
Source: Simply Good Foods (via Globe Newswire)