Simply Good Foods to acquire OWYN in US$280M deal

USA – The Simply Good Foods Company has finalized a deal to acquire Only What You Need (OWYN), a plant-based RTD protein shake brand, in a transaction valued at US$280 million.

OWYN, known for its clean, premium ingredients and absence of artificial additives, offers a range of protein shakes and powders.

According to the company, the acquisition is set to strengthen and diversify Simply Good Foods’ portfolio, particularly in the rapidly growing RTD protein shake segment.

“By adding OWYN to its lineup, Simply Good Foods seeks to expand its presence in the nutritional snacking category and tap into new consumer segments,” the company noted.

Geoff Tanner, president and CEO of Simply Good Foods, highlighted the strategic significance of the acquisition, emphasizing OWYN’s complementary brand positioning and its potential to drive growth through increased distribution and household penetration.

“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,” he said.

“Additionally, OWYN reaches a new, incremental consumer segment which strengthens our category-leading presence with retail customers.”

On the other hand, Mark Olivieri, president and CEO of OWYN, expressed confidence in the alignment of values between the two companies, emphasizing OWYN’s commitment to providing high-quality products focused on protein, minimal sugars, and low net carbohydrates.

“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,” he noted.

“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.”

Olivieri and the OWYN leadership team will continue in their roles following the transaction’s closing.

The acquisition comes amid a notable surge in consumption of protein-enriched beverages, driven by growing awareness of their health benefits.

According to research done by Kerry, consumer preferences are shifting towards healthier lifestyles, weight management, and muscle support, leading to increased demand for functional and nutritious drinks.

The upward trajectory extends beyond naturally protein-rich options like yoghurts to include a wide array of fortified beverages.

In addition, market data suggests that protein products constitute nearly 30% of functional ingredients in the beverage industry, reflecting the rising demand for nutritious beverages.

According to Statista Protein Products Market data, the global market for protein products is poised for exponential growth, with projections indicating sales reaching a staggering US$ 70 billion by 2025 a US$18 billion increase from 2020 levels.

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