7 days ago
- Business
- Wall Street Journal
Post Holdings to Buy Ronzoni Pasta Owner 8th Avenue Food
Post Holdings agreed to buy 8th Avenue Food & Provisions, whose products include Ronzoni pasta, for $880 million, which includes assumed debt.
Post formed 8th Avenue in 2018, transferring its private brands into a new business that received a cash infusion from private-equity firm THL. 8th Avenue acquired Ronzoni pasta in 2021.
Post said it would extinguish the outstanding net debt of 8th Avenue and acquire all equity interests for a net payment of about $880 million. The purchase price includes the assumption of $111 million of finance leases.
The acquisition internalizes the manufacturing of Post's Peter Pan peanut butter and will enhance the company's presence in granola cereal.
