8th Avenue Food & Provisions, the US-based private-label business owned by Post Holdings, is buying a peanut-butter factory from fellow food manufacturer Conagra Brands.
The purchase of the facility in Streator, Illinois, is expected to be completed in the fourth quarter for an undisclosed sum and will be funded with “cash on hand”, according to a statement from 8th Avenue Food & Provisions.
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Post Holdings formed 8th Avenue Food & Provisions in the summer of 2018 to run the US food group’s private-label operations and headed by Jim Dwyer as president and chief executive. It manufactures products such as nut butters, dried fruit and nut, granola and pasta for the retail and foodservice channels.
While it is primarily owned by Post Holdings, 8th Avenue Food & Provisions also counts affiliates of private-equity firm Thomas H. Lee Partners as co-owners. When the tie-up was announced, it was revealed Post Holdings would hold 60.5% of the business.
