ompany Hormel Foods has completed the acquisition of CytoSport Holdings, for $450m.CytoSport, which is based in Benicia of California, produces muscle milk products. It has been purchased from the Pickett family and TSG Consumer Partners.
According to Hormel, the acquisition is expected to have a neutral impact on the current fiscal's earnings and will provide an accretion of around 5 cents per share in fiscal 2015.
The acquisition will serve as growth catalyst for the Hormel's speciality foods segment, as well as enable it to expand its offerings of portable, immediate and protein-rich foods.
At the time of acquisition, Hormel Foods president, CEO and board chairman Jeffrey Ettinger had noted that the Muscle Milk products will serve as a growth catalyst for firm's specialty foods segment.
"The acquisition of CytoSport expands our offerings of portable, immediate, protein-rich foods, and broadens our appeal with younger consumers," Ettinger added.
Hormel Foods Corporation, based in Austin, Minnessota, is a multinational manufacturer of consumer-branded food and meat products.
