The Simply Good Foods Company has entered into a definitive agreement to purchase plant-based RTD protein shake brand Only What You Need (OWYN).

Nutrition company OWYN’s products are made with clean, premium, plant-based ingredients, without artificial additives. The brand currently offers plant protein in five shake and powder varieties.

The deal, which totals $280 million, is set to bolster and diversify Simply Good Foods’ portfolio, giving it a greater presence within the RTD protein shake segment.

The addition of OWYN, which Simply Good Foods will acquire from United Nutritional Brands, an affiliate of Purchase Capital, and other minority investors, builds on Simply Good Foods’ position within the nutritional snacking category.

The deal will see Simply Good Foods enhance OWYN products, leveraging collective R&D capabilities to enhance core product performance and unlock white-space growth opportunities.

Geoff Tanner, president and CEO of Simply Good Foods, said: “The acquisition of Only What You Need is strategically compelling as it brings a third, complementary brand to Simply Good Foods and further enhances our presence in the fast-growing RTD shake segment. Additionally, OWYN reaches a new, incremental consumer segment which strengthens our category leading presence with retail customers.”

He continued: “We are confident our go-to-market capabilities will accelerate profitable growth through accelerated distribution gains, increased household penetration and leveraging our cost-efficient supply chain”.

OWYN’s president and CEO, Mark Olivieri, added: “Since OWYN’s launch in 2017, our goal has been to bring truth and transparency to everything we do while providing the best tasting RTD protein shakes in the market. This transaction is a continuation of our mission as Simply Good Foods is also committed to providing its consumers with quality products focused on high protein, minimal sugars and low levels of net carbohydrates.”

The news follows OWYN’s introduction of its new line of plant-based protein powders last week. Pro Elite protein powders, offer 30g of complete protein with zero sugar and are available in chocolate and vanilla varieties. Sweetened with monk fruit, the flavours offer muscle-building protein with digestive and gut health benefits.

Upon the transaction’s closing, Simply Good Foods will work with Olivieri and the OWYN leadership team, who will continue in their roles.

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