The Simply Good Foods Co. is broadening its portfolio with the completion of its acquisition of Only What You Need (OWYN), a plant-based, ready-to-drink protein shake brand. The company announced its plans to acquire OWYN in April for $280 million from GroundForce Capital, OWYN’s second-largest shareholder.
Founded in 2017 by Kathryn Moos and Jeff Mroz, OWYN produces its beverages using a blend of pea, pumpkin, and flax. OWYN will now join Simply Good Foods’ existing brands, including Quest, known for better-for-you bars, ready-to-drink shakes, cookies, chips and pizza, and Atkins, a weight management brand focused on low-carb diet foods.
Geoff Tanner, the President and CEO of Simply Good Foods, stated, “The acquisition of OWYN represents a significant strategic win for Simply Good Foods. It brings up a new consumer category and presents a third complementing brand, considerably bolstering our position in the quickly growing RTD shake market and reaffirming our dominant position with retail partners. We are optimistic that our market strategies—which include improved distribution, higher household penetration, and an economical supply chain—will result in profitable development. In order to boost the core performance of our products and look into new areas for innovation, we also intend to take advantage of the combined R&D teams’ experience. OWYN has experienced impressive net sales growth in the healthy snacking sector in recent years, and we expect this trend to continue.”
According to Mark Olivieri, senior vice president and general manager of OWYN, the company expects OWYN to reach net revenues of over $120 million in 2024.
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