Glanbia plc has agreed to acquire thinkThin LLC for a cash consideration of $217 million. thinkThin has a leading range of protein enriched bars targeted at lifestyle consumers looking for wholesome, convenient and delicious snacks.
thinkThin primarily distributes its products in food, natural and mass retail channels in the US. Net sales for the twelve months to the end of September 2015 were $84 million, with a compound average growth rate for the previous three years of 31%.
Siobhán Talbot, Glanbia Group Managing Director, said: “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.”
Talbot added that thinkThin provides a platform for Glanbia to enter the ‘better for you’ snack products category as well as augment the company’s brand portfolio in its existing channels.
The company said the transaction will be marginally earnings accretive in 2016 and will be funded by debt from existing facilities.
In Association with
Better For You
thinkThin is based in Los Angeles and was founded in 1999 by Lizanne Falsetto who wanted to create a range of high protein products that deliver on great taste and a ‘better for you’ alternative to snacks.
The thinkThin range has expanded to include a portfolio of high protein and protein and fibre bars as well as recent launches which include protein bites and protein and fibre hot oatmeal. TSG Consumer Partners, an investor in the branded consumer sector, acquired a majority stake in thinkThin in December 2011.
Earlier this month, Glanbia signalled that revenues were up 9.0% in the group’s owned business through the first nine months of 2015 when compared to the same period last year, with growth driven mainly by the Global Performance Nutrition division.
“The outlook for the remainder of 2015 is positive and we reiterate our full year guidance of adjusted earnings per share growth of 9% to 11% on a constant currency basis with a reported result of circa 25% if exchange rates remain at current levels for the rest of the year,” said Talbot.
Meanwhile, the Ireland-US Council has presented its 2015 Award for Outstanding Achievement to Siobhán Talbot. The award was the centrepiece of the Council’s 53rd annual dinner in New York on November 12. Talbot is pictured with Council president Brian Stack (left) and Glanbia director Donard Gaynor.
