The Simply Good Foods Company to acquire OWYN for US$280m

The Simply Good Foods Company (Nasdaq: SMPL), a developer, marketer and seller of branded nutritional foods and snacking products, has entered into a definitive agreement to acquire Only What You Need (OWYN), a leading plant-based ready-to-drink (RTD) protein shake brand, for US$280 million in cash.

Transaction snapshot

  • Deal value: US$280 million
  • Deal multiples: N/A
  • Deal type: Acquisition
  • Investors: Simply Good Foods

OWYN, the fastest-growing RTD protein shake brand in the market, enhances Simply Good Foods' portfolio with further diversification and provides the Company with a greater presence within the RTD protein shake segment. The addition of OWYN builds on Simply Good Foods' leadership position within the nutritional snacking category.

Geoff Tanner, President and Chief Executive Officer of Simply Good Foods, said, "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." He added that OWYN reaches a new, incremental consumer segment, strengthening the Company's category-leading presence with retail customers.

Simply Good Foods expects OWYN to achieve net sales of approximately US$120 million in 2024. The Company is confident that its go-to-market capabilities will accelerate profitable growth through accelerated distribution gains, increased household penetration, and leveraging its cost-efficient supply chain.

Mark Olivieri, President and Chief Executive Officer of OWYN, expressed his pride in establishing a US$120 million brand in a short time and believes the transaction is a continuation of OWYN's mission, as Simply Good Foods is also committed to providing consumers with quality products focused on high protein, minimal sugars, and low levels of net carbohydrates.

Upon the transaction's closing, Olivieri will continue in his role and lead the OWYN team as Simply Good Foods looks to grow the brand.

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