Glanbia completes acquisition of thinkThin for $217m

Glanbia plc has completed acquisition of nutrition bar company thinkThin from TSG Consumer Partners and Lizanne Falsetto for $217m.

Business and wellness pioneer Lizanne Falsetto founded thinkThin in 1999 as a better-for-you, food-based lifestyle brand, with high-protein snacks intended for on-the-go use.

In November, Glanbia announced that it had agreed to acquire thinkThin.

Glanbia Group managing director Siobhán Talbot had then 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.”

thinkThin mainly distributes its products in food, natural and mass retail channels in the US.

Its net sales for the twelve months to the end of September 2015 touched $84m, with a compound average growth rate for the earlier three years of 31%.

The completion of thinkThin acquisition is expected to increase Glanbia Performance Nutrition’s (GPN) presence in the bar category, and offers exposure to the quickly growing nutrition bar segment, which is presently pegged at $2.8bn in US retail segment.

Besides, thinkThin offers a platform for GPN to foray into the ‘better for you’ snack products category, as well as enhancing its brand portfolio in its current channels.

The transaction got regulatory approvals, as well as met customary completion conditions.

The deal is expected to be marginally earnings accretive in 2016, and was funded by debt from existing facilities.