M&A Deal Summary

Post Holdings Acquires Michael Foods

On April 17, 2014, Post Holdings, Inc. acquired food company Michael Foods, Inc. from Goldman Sachs Merchant Banking for 2.5B USD

Acquisition Highlights
  • This is Post Holdings’ 3rd transaction in the Food sector.
  • This is Post Holdings’ 1st largest (disclosed) transaction.
  • This is Post Holdings’ 4th transaction in the United States.
  • This is Post Holdings’ 1st transaction in Minnesota.

M&A Deal Summary
Date 2014-04-17
Target Michael Foods, Inc.
Sector Food
Buyer(s) Post Holdings, Inc.
Sellers(s) Goldman Sachs Merchant Banking
Deal Type Add-on Acquisition
Deal Value 2.5B USD
Advisor(s) Barclays Investment Bank
Bank of America Merrill Lynch (BofA Securities)
Goldman Sachs Investment Banking Division (Financial)
Fried Frank Harris Shriver & Jacobson LLP (Legal)

Target

Michael Foods, Inc.

Minnetonka, Minnesota, United States
website
Michael Foods is a producer of value-added food products and service solutions to customers across the foodservice, retail and food ingredient channels. It holds market positions in attractive categories including value-added egg products, refrigerated potato products and cheese and other dairy case products.

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Buyer(S) 1

Buyer

Post Holdings, Inc.

St. Louis, Missouri, United States

website

Category Company
Founded 1895
SectorFood
Employees10,735
Revenue 6.2B USD (2021)
DESCRIPTION
Post Holdings' corporate headquarters in St. Louis, Missouri.
Post Holdings' corporate headquarters in St. Louis, Missouri.

Post Holdings is a consumer packaged goods holding company, operating in the center-of-the-store, foodservice, ingredient, refrigerated, active nutrition and private label food categories. Post Holdings was founded in 1895 and is based in St. Louis, Missouri.

DEAL STATS #
Overall 5 of 15
Sector (Food) 3 of 11
Type (Add-on Acquisition) 4 of 10
State (Minnesota) 1 of 2
Country (United States) 4 of 12
Year (2014) 4 of 7
Size (of disclosed) 1 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-02-03 Dymatize Enterprises LLC

Farmers Branch, Texas, United States

Dymatize Enterprises is a manufacturer and marketer of branded and private label nutritional and sports supplements. Dymatize offers more than 250 branded and private label products in numerous categories.

Buy $380M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-10-01 PowerBar, Inc.

Glendale, California, United States

PowerBar was created by athletes, for athletes. Company started PowerBar to help athletes reach their goals by providing nutrition tools for optimum athletic performance.

Buy -

Seller(S) 1

SELLER

Goldman Sachs Merchant Banking

New York, New York, United States

website

Category Private Equity Firm
Founded 1986
PE ASSETS 155.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Goldman Sachs Merchant Banking Division is the investment arm of Goldman Sachs. The primary corporate investment group within the Merchant Banking Division is Goldman Sachs' direct investment arm. GS's direct investment arm consists of GS Capital Partners, GS Mezzanine Partners, and GS Growth Partners. GS Capital Partners is the direct corporate equity investment group which seeks LBO, recapitalization, and growth investments to help fund acquisitions, expansions, recapitalizations, restructurings, buyouts, and take privates. GS Capital Partners looks to invest between $50 and $800 million in opportunities in North/South America, Europe, Asia. GS Mezzanine Partners is the junior capital arm of Goldman Sachs. GS Mezzanine looks to invest between $200 million and and $800 million in transactions valued up to $10 billion. Investment proceeds are used to fund leveraged buyouts, expansion financings, recapitalizations, acquisitions, and restructurings. GS Growth looks to invest in growth equity transactions. The unit seeks to commit $20 to $200 million per investment. Other units within GS's merchant banking division include Real Estate, Infrastructure, and Urban Investments. Goldman Sachs Merchant Banking Division is based in New York City.

DEAL STATS #
Overall 47 of 104
Sector (Food) 1 of 3
Type (Add-on Acquisition) 10 of 33
State (Minnesota) 1 of 2
Country (United States) 34 of 73
Year (2014) 3 of 10
Size (of disclosed) 7 of 29
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-11 Flint Group Germany GmbH

Ahaus-Ottenstein, Germany

Flint Group is a leading supplier of diversified consumable graphic arts products to the global printing, converting, and colorants industry. Inks include packaging inks, heatset inks (used primarily for printing glossy magazines), coldset inks (both colour and black newspaper ink), sheet-fed inks (short-run commercial applications) and publication gravure inks (high-run printed media).

Buy €2.2B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-24 Biomet, Inc.

Warsaw, Indiana, United States

Biomet, Inc. is a designs and manufactures orthopedic medical devices and other products used primarily by surgeons and medical specialists, with distribution in over 70 countries and a product portfolio that encompasses orthopedic joint replacement products, dental reconstructive implants, fixation devices, spinal products and other applications.

Sell $13.4B
Mergr

Product

Company

Legal