Post Holdings is to acquire the Peter Pan peanut butter brand from US peer Conagra Brands for an undisclosed sum.
In a short statement issued today (7 December), Weetabix cereal brand owner Post said it had entered a definitive agreement with Conagra which will see it acquire the brand, subject to the usual closing conditions.
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Post described the Peter Pan spread as an “iconic, nationally recognised brand with a 100-year-old history and a diversified customer base across key channels”.
All Peter Pan peanut butter products are co-manufactured by 8th Avenue Food & Provisions, which is an affiliate of Post. 8th Avenue primarily manufactures and distributes private-label peanut and other nut butters.
Under the terms of the agreement, Conagra will provide transitional services to facilitate switching over the business.
The transaction is expected to be completed in the first calendar quarter of 2021. Approached by just-food, Conagra declined to comment further than the statement announcing the transaction.
Dating back to 1920, Peter Pan peanut butter is reputed to be the first product of its type to be sold in plastic jars. It is currently sold in 11 varieties.
In October 2018, Post and private-equity firm Thomas H. Lee Partners separately capitalised 8th Avenue, which became the holding company for the US manufacturer’s private-label food products business. Post retained 60.5% of the common equity in 8th Avenue.
