Glanbia buys US protein bar maker for €200m

“The transaction is firmly aligned with our overall growth ambitions and positions us well in the fast growing nutrition bar category..."

Irish dairy and ingredients giant Ganbia is acquiring Californian protein bar specialist thinkThin for $217m (€200m), as it boosts its bar presence.

'Better for you' brand thinkThin generated revenues of about €80m in the 12 months to September and was growing at about 30% year on year, Glanbia said.

It said the acquisition gave it a strong foothold in the €2.6bn US nutrition bar sector with group managing director Siobhán Talbot noting in a statement the buy “represents an excellent strategic addition to our portfolio of market leading performance nutrition brands”.

Its range include protein bites and hot oatmeal.

Talbot added: “The transaction is firmly aligned with our overall growth ambitions and positions us well in the fast growing nutrition bar category as well as being value enhancing for our shareholders.”

thinkThin was founded in 1999 by Lizanne Falsetto. At the end of 2011 private equity firm TSG Consumer Partners took a majority stake in thinkThin.

Glanbia generates revenues of about €3.5bn and employs 6,000 people in 34 countries.