Post Holdings to Buy Michael Foods for $2.45B

5 years 4 months 2 days ago Thursday, April 17 2014 Apr 17, 2014 Thursday, April 17, 2014 5:05:00 AM CDT April 17, 2014 in News
By: The Associated Press

ST. LOUIS (AP) - Cereal maker Post Holdings Inc. is buying fellow packaged food maker Michael Foods Inc. in a $2.45 billion deal that will expand Post's range of products.

Privately held Michael Foods makes a variety of egg, potato and dairy products. Its brands include Papetti's, Crystal Farms and Simply Potatoes. It is based in Minnetonka, Minnesota.

St. Louis-based Post says Michael will keep operating independently under current management.

Post also makes nutrition drinks and a variety of store brand products including pasta and peanut butter.

Post plans to fund the acquisition with debt and cash on hand. It also plans to raise up to $500 million with a stock sale.

Michael Foods is owned by an investor group that includes GS Capital Partners, Thomas H. Lee Partners and members of the company's management.

 

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