Dec 18, 2024Post Holdings acquires Idaho potato manufacturer
Consumer packaged goods company Post Holdings is acquiring Potato Products of Idaho, a manufacturer and packager of refrigerated and frozen potato products.
The acquisition, expected to be completed in the first quarter of 2025, includes a manufacturing facility in Rigby, Idaho, according to a news release. Financial terms of the transaction were not disclosed.
A Reuters report earlier last month cited anonymous sources saying that Post, which makes Grape Nuts cereal and Bob Evans mashed potatoes, was working with investment bankers on a possible transaction with frozen potato processor Lamb Weston.
A Lamb Weston spokesperson declined comment to Spudman on Dec. 18.
St. Louis-based Post owns Michael Foods, a manufacturer of egg and refrigerated potato products for the foodservice industry.
Since 2012, Post has completed more than 20 acquisitions, according to fooddive.com. The Dec. 13 Reuters report said the company considered buying Lamb Weston in 2015, when the french fry maker was still part of Conagra.
Lamb Weston became a publicly listed company in 2016.
Activist investor Jana Partners owns more than 5% of Lamb Weston Holdings Inc., and called for significant change, including a sale, in a Dec. 16 letter to Lamb Weston’s board of directors.
