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Simply Good Foods Company Secures $1 Billion Acquisition of Quest Nutrition

Simply Good Foods Company Secures $1 Billion Acquisition of Quest Nutrition


DENVER, CO
Wednesday, September 18th, 2019

The developer, marketer, and seller of branded nutritional foods and snacking products, The Simply Good Foods Company, announced back in August that it entered an agreement to acquire the healthy lifestyle food company, Quest Nutrition, for $1 billion in cash. Much to the company’s betterment, the deal was reportedly finalized last week. The transaction was structured as a purchase made by a subsidiary of Simply Good Foods where it acquired the equity of both Voyage Holdings and VMG Quest Blocker (together, the “Target”) from the founders of Quest and other equity holders of the Target.

Joseph E. Scalzo, President and Chief Executive Officer, Simply Good Foods“The acquisition of Quest strengthens Simply Good Foods’ position within the nutritional snacking category by expanding our portfolio of brands and product offerings while also providing us with greater consumer and channel diversification,” said Joseph E. Scalzo, President and Chief Executive Officer of Simply Good Foods. “This combination delivers on our strategy to become a broader nutritional snacking company that offers consumers a broad range of brands and products that satisfy their nutritional needs. We also believe that our collective brands will benefit from increased cross-selling and marketing opportunities, as well as enhanced go-to-market strategies that will drive meaningful net sales and earnings growth. Quest is supported by an innovative spirit and dedicated employees committed to supporting consumers’ healthy lifestyles, and both Quest and our existing brands will benefit from sharing best practices and insights in marketing, distribution, and supply chain management to deliver on our commitment to customers and consumers. Upon the closing of the transaction, we look forward to working with Dave Ritterbush, President and Chief Executive Officer of Quest, and his team, and welcoming Dave to the Simply Good Foods Board of Directors.”

The developer, marketer, and seller of branded nutritional foods and snacking products, Simply Good Foods Company, announced back in August that it entered an agreement to acquire the healthy lifestyle food company, Quest Nutrition, for $1 billion in cash

Quest is a fast-growing active lifestyle brand with a highly-engaged consumer base. Its on-trend philosophy focuses on creating snacks that contain high protein levels with minimal sugars and net carbohydrates. According to a press release, this agreement positions Simply Good Foods to continue to benefit from consumer mega trends related to healthy eating and better nutrition, as the great-tasting Quest products offer consumers a smart and convenient approach to healthier snacking.

Dave Ritterbush, President and CEO, Quest Nutrition“We are excited to join the Simply Good Foods family and I’m personally pleased to be joining the Simply Good Foods Board of Directors upon closing, as we collectively drive the next stage of Quest’s growth,” said Dave Ritterbush, President and CEO of Quest Nutrition. “The Simply Good Foods team has a strong track record in building leading nutrition brands, and I feel that Quest will fit perfectly in its overall mission. As part of Simply Good Foods, Quest will benefit from the combination of two great organizations focused on providing consumers with healthier food choices. I’m incredibly proud of everything that Quest and our team has accomplished and excited for the next phase of our growth by joining a larger, more diverse nutritional snacking company.”

Centerview Partners and Goldman Sachs served as advisors to the Simply Good Foods Company while Kirkland & Ellis provided legal counsel in connection with the transaction. J.P. Morgan Securities served as exclusive financial advisor to the Target, and Winston & Strawn served as its legal advisors.

The terms of this acquisition have brought about a slew of financial benefits for Simply Good Foods. To read the news release that describes these benefits in further detail, click here. For even more strategic agreements being made in the industry, stay with us at Deli Market News.

The Simply Good Foods CompanyQuest Nutrition
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