Post Holdings has entered into a definitive agreement to acquire MOM Brands, maker of branded ready-to-eat and natural cereals, hot wheat and oatmeal, for approximately $1.15 billion.
The transaction is expected to close by the third quarter of 2015, MOM Brands said in a company statement.
The company’s brands include Malt-O-Meal® brand ready-to-eat cereals, such as Frosted Mini Spooners®, Golden Puffs®, Cinnamon Toasters®, Fruity Dyno-Bites®, Cocoa Dyno-Bites® and Berry Colossal Crunch®, as well as a variety of natural ready-to-eat and hot cereals, including MOM’s Best®, Better Oats®, Three Sisters® and its original, farina-based Malt-O-Meal® cereal.
Upon closing, MOM Brands Chairman and CEO Chris Neugent will continue to lead the MOM Brands business as president, reporting to Richard K. Koulouris, who is joining Post Holdings February 9 to lead the combined Post Foods and MOM Brands cereal business.
“By joining forces with Post, we will have more resources available to innovate, extend our brands and expand distribution,” Neugent said. “We believe that this new, combined enterprise will be uniquely positioned to help our customers find new solutions in the highly competitive cereal category. In addition, it will give us the opportunity to pursue our mission of saving families money on an even greater scale.”
