Hormel, which acquired CytoSport in a $450m deal in 2014, noted that PepsiCo had been a longstanding distribution partner for CytoSport products, “which puts them in a strong position to grow this dynamic business," said CEO Jim Snee.
Muscle Milk is best known for its ready-to-drink beverages, protein-based powders, sports nutrition bars and energy chews, while Evolve is best known for its plant-based protein shakes, powders and bars.
The deal is expected to be completed in 30-60 days.