Simply Good Foods acquires Quest28 Aug 2019
Simply Good Foods, a developer, marketer and seller of branded nutritional foods and snacking products, and Quest, a healthy lifestyle food company, have announced that the companies have entered into a definitive agreement under which Simply Good Foods will acquire Quest for $1.0 billion in cash, or approximately $870 million net of tax benefits, on a cash-free and debt-free basis.
Quest is said to be a fast-growing active lifestyle brand with a highly engaged consumer base. Its philosophy focuses on creating snacks that contain high protein levels with minimal sugars and net carbohydrates.
The pairing of the two companies will, they said, results in a leading nutritional snacking company with combined estimated net sales of over $800 million and strong operating margins.
“The acquisition of Quest strengthens Simply Good Foods’ position within the nutritional snacking category by expanding our portfolio of brands and product offerings while also providing us with greater consumer and channel diversification,” said Joseph E. Scalzo, President and Chief Executive Officer of Simply Good Foods. “This combination delivers on our strategy to become a broader nutritional snacking company that offers consumers a broad range of brands and products that satisfy their nutritional needs. We also believe that our collective brands will benefit from increased cross-selling and marketing opportunities, as well as enhanced go-to-market strategies that will drive meaningful net sales and earnings growth. Quest is supported by an innovative spirit and dedicated employees committed to supporting consumers’ healthy lifestyles, and both Quest and our existing brands will benefit from sharing best practices and insights in marketing, distribution and supply chain management to deliver on our commitment to customers and consumers. nd his team, and welcoming Dave to the Simply Good Foods Board of Directors.”
“We are excited to join the Simply Good Foods family and I’m personally pleased to be joining the Simply Good Foods Board of Directors upon closing, as we collectively drive the next stage of Quest’s growth,” said Dave Ritterbush, President and CEO of Quest Nutrition. “The Simply Good Foods team has a strong track record in building leading nutrition brands and I feel that Quest will fit perfectly in their overall mission. As part of Simply Good Foods, Quest will benefit from the combination of two great organizations focused on providing consumers with healthier food choices. I’m incredibly proud of everything that Quest and our team has accomplished and excited for the next phase of our growth by joining a larger, more diverse nutritional snacking company.”
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