Post Holdings to acquire Perfection Pet FoodsPost Holdings to acquire Perfection Pet Foods
Company purchasing pet food company assets for $235 million.
October 11, 2023
Post Holdings Inc. (Post), announced this week that it is acquiring the assets of Perfection Pet Foods LLC (Perfection) for $235 million.
Perfection is a leading manufacturer and packager of private label and co-manufactured pet food and baked treat products. The acquisition includes two manufacturing facilities in Visalia, California, which will provide Post with additional manufacturing capacity to insource a portion of its current pet food business and an entry point into the private label and co-manufacturing pet food category. Upon closing of the acquisition, the financial results of Perfection are expected to be reported in the Post Consumer Brands segment.
Inclusive of stand-up costs, Post management expects Perfection to contribute approximately $25 million of Adjusted EBITDA in the next 12 months following the close of the acquisition. Additionally, Post expects the acquisition to result in a tax benefit to Post with a net present value of approximately $20 million and reduce future capital expenditures previously earmarked for capacity expansion.
The acquisition is expected to be completed late in the fourth calendar quarter of 2023, Post’s first quarter of fiscal year 2024, subject to customary closing conditions.
Post Holdings, Inc., headquartered in St. Louis, Missouri, is a consumer packaged goods holding company with businesses that include Post Consumer Brands, Weetabix, Michael Foods and Bob Evans Farms. Post Consumer Brands is a leader in the North American ready-to-eat cereal and pet food categories and also markets Peter Pan peanut butter. Weetabix is home to the United Kingdom’s number one selling ready-to-eat cereal brand, Weetabix. Michael Foods and Bob Evans Farms are leaders in refrigerated foods, delivering innovative, value-added egg and refrigerated potato side dish products to the foodservice and retail channels.
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