Simply Good Foods acquires OWYN for $280M cash; expects ~$120M 2024 net sales

Simply Good Foods Co

Purchase price of $280M cash for 100% of Only What You Need (OWYN), a plant-based RTD protein shake brand.
OWYN expected to achieve ~$120M net sales in 2024; transaction multiple ~2.3x sales or 13.3x Adjusted EBITDA incl. synergies.
Financed with ~$50M balance sheet cash and committed debt from Barclays and Deutsche Bank; pro forma leverage ~1.5x.
Expected to close by end of fiscal year 2024 (Aug 27, 2024); subject to HSR and customary conditions.
Transaction expected to be approximately neutral to Adjusted Diluted EPS in the year after close, excluding one-time costs.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Simply Good Foods Co entered into Purchase Agreement with Safe Brands, LLC valued at $280,000,000 (effective 2024-04-29).

Action: entry
Agreement: asset purchase
Counterparty: Safe Brands, LLC
Value: $280,000,000
Effective: 2024-04-29

Exact text from the filing

On April 29, 2024, Simply Good Foods USA, Inc., a New York corporation (“ Simply USA ”), entered into a Stock Purchase Agreement (the “ Purchase Agreement ”) with Safe Brands, LLC, a Delaware limited liability company (“ Seller ”), and Only What You Need, Inc., a Delaware corporation (“ Target ”).

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Simply Good Foods Co filing history →

Source: SEC EDGAR

accession 0001104659-24-054943

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