Atkins, Quest Parent Company Acquires RTD Protein Shake Company
The Simply Good Foods Co., parent company of such brands as Atkins and Quest, will acquire Only What You Need (OWYN), a plant-based ready-to-drink (RTD) protein shake brand, for $280 million in cash, according to a release. Simply Good Foods is a developer, marketer and seller of branded nutritional foods and snacks, and this acquisition diversifies its portfolio and gives it a greater presence in the RTD protein shake segment.
Simply Good Foods’ current product portfolio consists primarily of protein bars, RTD shakes, sweet and salty snacks, and confectionery products marketed under the aforementioned Atkins and Quest brands.
Geoff Tanner, president and CEO of Simply Good Foods, said OWYN reaches “a new, incremental consumer segment which strengthens our category leading presence with retail customers.” He also pointed out that over the last few years, OWYN’s net sales growth rate has been “top tier within the nutritional snacking category,” and that OWYN was expected to achieve net sales of approximately $120 million in 2024.
Mark Olivieri, president and CEO of OWYN, and his leadership team were expected to continue in their roles post-acquisition, Tanner also said.
Simply Good Foods will acquire OWYN from existing investor United Nutritional Brands, an affiliate of Purchase Capital LLC, and other minority investors, the release noted. The transaction has been approved by both companies and is expected to close by the end of fiscal year 2024.
