Cereal maker Post Holdings has agreed to acquire ready-to-eat and natural cereals producer MOM Brands, in a $1.15bn deal.
An agreement to this effect was signed by MOM Brands.
MOM Brands offers Malt-O-Meal brand ready-to-eat cereals, such as Frosted Mini Spooners, Golden Puffs, Cinnamon Toasters, Fruity Dyno-Bites, Cocoa Dyno-Bites and Berry Colossal Crunch.
It also offers a wide range of natural ready-to-eat and hot cereals, including MOM's Best, Better Oats, Three Sisters and its original, farina-based Malt-O-Meal cereal.
Commenting on the acquisition, MOM Brands chairman and CEO Chris Neugent said: "By joining forces with Post, we will have more resources available to innovate, extend our brands and expand distribution.
"We believe that this new, combined enterprise will be uniquely positioned to help our customers find new solutions in the highly competitive cereal category. In addition, it will give us the opportunity to pursue our mission of saving families money on an even greater scale."
The proposed acquisition, which is subject to customary closing conditions such as regulatory approval, will be completed by the third quarter of 2015.
Upon completion of the deal, Neugent will continue to lead the MOM Brands business as president, reporting to Richard K. Koulouris, who is joining Post Holdings February 9 to lead the combined Post Foods and MOM Brands cereal business.
Image: MOM Brands produces ready-to-eat and natural cereals. Photo: courtesy of Mister GC / freedigitalphotos.
