Post Holding Inc. will acquire egg and dairy producer and distributor Michael Foods from Goldman Sachs Group Inc. and Thomas E. Lee Partners for $2.45 billion. Over the past 12 months Post has aggressively pursued acquisitions with the goal of diversifying its business to capitalize on the shift toward increased protein consumption by consumers. The company has bought Dakota Growers Pasta Co., peanut butter maker Golden Boy Foods Ltd, PowerBar, protein bar maker Dymatize Enterprises LLC, and dietary supplement maker Premier Nutrition Corp. Michael Foods, of which Goldman Sachs Group bought 80% for $1.7 billion in 2010, produces and distributes specialty eggs, refrigerated potatoes, cheese and other dairy products. The company posted profits of $163.9 million in 2013 – 22% higher than the year before. Post has stated that it will fund the deal with committed financing of up to $1.765 billion in cash and will also pay $50 million on the first anniversary of the deal’s closing which is expected in the second quarter of 2014.
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