04:23 AM EDT, 04/30/2024 (MT Newswires) -- Simply Good Foods ( SMPL ) said late Monday it has agreed to acquire vegan protein shake brand Only What You Need for $280 million in cash from United Nutritional Brands and other investors.

The deal is expected to close by the end of fiscal 2024, pending customary closing conditions and regulatory clearance.

Simply Good Foods ( SMPL ) said the acquisition will add a third complementary line to its portfolio of products and strengthen its position in the ready-to-drink segment.

Simply Good Foods ( SMPL ) President and Chief Executive Geoff Tanner said Only What You Need is expected to generate 2024 net sales of $120 million. Simply Good Foods ( SMPL ) plans to finance the acquisition with $50 million in cash from its balance sheet and financing from Barclays ( JJCTF ) and Deutsche Bank ( DB ) .

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