According to a statement from Post Holdings, the company expects the acquisition to boost sales in its active nutrition business to about $550 million a year. The transaction is expected to close in Post's fiscal third quarter, subject to customary closing conditions. Post expects to fund the acquisition with cash on hand.
Nestlé bought Powerbar in 2000 for an undisclosed sum. The brand was founded by Canadian athlete and entrepreneur Brian Maxwell, and now includes energy bars, sports drinks, gels and protein supplements.
Reports that Nestle was looking to offload Powerbar first surfaced in September. After posting poor sales performance last August, the company had been actively looking to prune its portfolio.