ST. LOUIS – Post Holdings, Inc. is set to acquire the Peter Pan peanut butter brand from Conagra Brands, Inc., Chicago. Terms of the agreement were not disclosed.
Under the terms of the agreement, Conagra Brands will provide transitional services to facilitate transitioning the business. The transaction is expected to be completed in the first calendar quarter of 2021, subject to customary closing conditions, including the receipt of any applicable regulatory approvals, according to Post Holdings.
Post Holdings said all Peter Pan peanut butter products are co-manufactured by 8th Avenue Food & Provisions, a business unit of Post Holdings. In 2019, 8th Avenue acquired an Illinois-based peanut butter manufacturing plant from Conagra Brands.
Conagra Brands acquired the Peter Pan brand in 1990 when it acquired the Beatrice Co. for $1.3 billion.