Post Holdings acquires Peter Pan peanut butter brand

US-based consumer packaged goods company Post Holdings has completed the acquisition of the Peter Pan peanut butter brand from Conagra.

Financial details of the deal have not been disclosed by either company.

The deal to acquire Conagra Brands’ Peter Pan peanut butter brand was first announced in December last year.

With a 100-year-old history, the brand has a diversified customer base across key channels in the country.

In 1990, Conagra Brands reportedly took over the Peter Pan brand after it acquired the Beatrice Co. for $1.3bn.

All the products are currently co-manufactured by Post’s affiliate company 8th Avenue Food & Provisions, which produces a wide range of creamy and crunchy peanut-butter spreads for the Peter Pan brand.

Last year, 8th Avenue acquired an Illinois-based peanut butter manufacturing plant from Conagra.

Concurrently, Post Holdings announced a new partnership with plant-based meat company Hungry Planet.

Based in St Louis, Hungry Planet is engaged in the production of full range of chef-crafted plant-based meats, which are claimed to offer similar taste and texture of conventional meat.

Michael Foods president Mark Westphal said: “Demand for plant-based meats is growing. We are excited to announce this partnership with Hungry Planet and to continue to offer more innovative product options to our customers.”

Michael Foods is a subsidiary of Post Holdings.

Under the new partnership, Post’s Foodservice and Refrigerated Retail units will be working with Hungry Planet to expand the distribution of its plant-based meats to meet the growing demand for alternative protein solutions.

Hungry Planet co-founder and CEO Todd Boyman said: “Our products make it easy to swap plant-based meat in for conventional meat in any cuisine, with any flavour and across all proteins without compromise.

“This new partnership will accelerate the delivery of our products to more points of distribution and help keep pace with demand and reach millions of more consumers.”

Post Holdings has also agreed to invest in Hungry Planet to support its future growth.