ST. LOUIS — Post Holdings is raising its 60.5% ownership stake in 8th Avenue Food & Provisions, Inc. to 100%. The company reached an agreement to acquire all equity interests in the business for approximately $880 million.  

8th Avenue is a manufacturer of branded and private label dry pasta and private label nut butters, granola and fruit and nut mixes. The company owns and operates the Ronzoni brand of dry pasta.

“With this acquisition, we further our strategy of tactical private label positioning alongside leading brands,” said Rob Vitale, president and chief executive officer of Post Holdings.

8th Avenue Food & Provisions was created in 2018 when Post Holdings and the private equity firm Thomas H. Lee Partners, Inc. partnered to create the company. The initial business consisted of Post’s private brands unit, which included the company’s nut butter, pasta and granola, dried fruit and nut snack businesses. In 2019, 8th Avenue acquired a peanut butter processing plant in Illinois from Conagra Brands, Inc.

In 2020, Post Holdings acquired the Peter Pan peanut butter brand from Conagra Brands and continued manufacturing those products at the Illinois facility. Then, in 2021, 8th Avenue acquired the Ronzoni brand from Riviana Foods for $95 million.

Post Holdings said taking full control of the business internalizes the manufacturing of Post’s Peter Pan peanut butter, represents Post’s entry into the dry pasta category with leading brand Ronzoni and enables greater participation in the growing granola sub-category of ready-to-eat cereal.