KILKENNY, IRELAND — Glanbia P.L.C. has entered into an agreement to acquire thinkThin L.L.C., Los Angeles, for $217 million. thinkThin is a manufacturer of protein- and fiber-enriched nutrition bars, bites and oatmeal.
|Siobhan Talbot, group managing director for Glanbia|
“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,” said Siobhan Talbot, group managing director for Glanbia. “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 primarily distributes its products in the food, natural and mass retail channels in the United States. The company had sales of $84 million for a 12-month period that ended in September.
The acquisition will increase Glanbia’s presence in the nutrition bar category, which is currently valued at $2.8 billion, according to the company. The transaction subject to regulatory approval and is expected to be completed by the end of the year.