Hormel Foods to buy Muscle Milk products maker CytoSport Holdings
(Reuters) — Hormel Foods Corp. said it would buy CytoSport Holdings Inc. for about $450 million, to add Muscle Milk sports nutrition products to its portfolio of brands.
Hormel Foods said it expects the deal to be neutral to earnings in 2014 and add about 5 cents to earnings by in 2015.
BofA Merrill Lynch served as the financial adviser to Hormel Foods in connection with the deal, the company said.
Muscle Milk products contain lactose-free protein supplements and are often used by athletes and others seeking to build muscle mass.
Hormel Foods is the parent company of Jennie-O Turkey Store, which is based in Willmar.
(Reporting by Devika Krishna Kumar in Bangalore; Editing by Steve Orlofsky)