PURCHASE, N.Y. — PepsiCo, Inc. has completed the acquisition of the CytoSport business from Hormel Foods Corp. for a purchase price of $465 million. The transaction includes the Muscle Milk and Evolve sports nutrition brands.
Austin, Minn.-based Hormel Foods acquired CytoSport Holdings, Inc., the manufacturer of Muscle Milk, for approximately $450 million in 2014. Muscle Milk products include ready-to-drink beverages, protein-based powders, sports nutrition bars and energy chews. In 2017, CytoSport debuted a second brand, Evolve, a plant-based and vegan protein line featuring shelf-stable protein shakes, powders and bars made with pea protein.
PepsiCo, the parent company of Gatorade, said the transaction is consistent with its tuck-in acquisition strategy and an example of “ways we are building a consumer-centric portfolio of brands that offer a breadth of options across convenient foods and beverages.”