Post Holdings has agreed a deal to acquire the Peter Pan peanut butter brand from Conagra Brands for an undisclosed figure.
The Peter Pan brand has been operating in the US for over 100 years, offering a range of smooth and crunchy peanut butter spreads. All Peter Pan peanut butter products are currently co-manufactured by 8th Avenue Food & Provisions, an affiliate of Post Holdings.
Prior to this agreement, Conagra opted to sell a peanut butter production facility in Illinois to 8th Avenue Food & Provisions last year, with Conagra stating in a market filing that the sale was tied to its move to stop making and selling peanut butter spreads sold under private brand names.
The transaction is expected to be completed in the first quarter of 2021, subject to customary closing conditions such as regulatory approval.
This latest sale follows Conagra’s decision to offload its H.K. Anderson pretzel assets to Utz Quality Foods in September 2020, as well as the sale of its Lender’s Bagels business to Bimbo at the start of the year.
These divestments followed the sale of the company’s direct-store-delivery (DSD) snacks business to Utz Quality Foods in September 2019 – a business unit acquired as part of its purchase of Pinnacle Foods – with Conagra stating at the time that the divestiture would help the company focus on its core business operations.
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