04.11.17
Conyers Park Acquisition Corp. has entered an agreement with Atkins Nutritionals, Inc. whereby the companies will combine under a new holding company, The Simply Good Foods Company, which will be listed on the NASDAQ stock exchange under the symbol SMPL upon closing of the proposed transaction. The deal was valued at approximately $856 million. Atkins is currently owned by affiliates of Roark Capital Group.
Jim Kilts and Dave West, executive founders of Conyers Park and longtime business leaders in the consumer food sector, will serve as chairman and executive vice chairman of Simply Good Foods, respectively. Brian Ratzan, also an executive founder of Conyers Park, will become a director of Simply Good Foods. Joseph Scalzo, current CEO of Atkins, will continue in that role and lead the new company.
Mr. Kilts commented: “I am excited to help build the Atkins brand and its promise of simply good and nutritious food. Throughout my career, I have worked on numerous brands that both delight and satisfy consumers. We plan to add to our Simply Good Foods portfolio over time with brands that bring simple goodness, happiness and positive experiences to consumers and their families.”
“Atkins is an iconic American brand that has pioneered innovative food and snacking products for consumers who are focused on overall health and wellness,” said Mr. Scalzo. “Atkins is the original innovator of the low-carb, low-sugar, protein-rich approach to nutrition and healthier weight that has been very compelling to our consumers who want to make smarter and healthier choices. As a result, Atkins has become a destination brand in its aisle, and the company has achieved eight consecutive years of retail sales growth.
“Roark has been a uniquely valuable and supportive partner to the entire Atkins management team. Their insights and support have helped us thoughtfully grow the brand and business. Looking forward, access to public capital markets, combined with the operating experience and wisdom of Jim and Dave, will allow us to build on Atkins’ brand heritage and consumer loyalty as we focus on growing our brand and introducing it to new consumers,” continued Mr. Scalzo.
Mr. West said: “Atkins has many of the attributes that we find compelling: ownership of a unique consumer idea, a solid business model, relevance with key retailers, and a very exciting growth opportunity. With Atkins as the first part of the platform, Simply Good Foods is poised to become a dynamic vehicle for future long-term growth and M&A within both the snacking space and broader food category.”
Jim Kilts and Dave West, executive founders of Conyers Park and longtime business leaders in the consumer food sector, will serve as chairman and executive vice chairman of Simply Good Foods, respectively. Brian Ratzan, also an executive founder of Conyers Park, will become a director of Simply Good Foods. Joseph Scalzo, current CEO of Atkins, will continue in that role and lead the new company.
Mr. Kilts commented: “I am excited to help build the Atkins brand and its promise of simply good and nutritious food. Throughout my career, I have worked on numerous brands that both delight and satisfy consumers. We plan to add to our Simply Good Foods portfolio over time with brands that bring simple goodness, happiness and positive experiences to consumers and their families.”
“Atkins is an iconic American brand that has pioneered innovative food and snacking products for consumers who are focused on overall health and wellness,” said Mr. Scalzo. “Atkins is the original innovator of the low-carb, low-sugar, protein-rich approach to nutrition and healthier weight that has been very compelling to our consumers who want to make smarter and healthier choices. As a result, Atkins has become a destination brand in its aisle, and the company has achieved eight consecutive years of retail sales growth.
“Roark has been a uniquely valuable and supportive partner to the entire Atkins management team. Their insights and support have helped us thoughtfully grow the brand and business. Looking forward, access to public capital markets, combined with the operating experience and wisdom of Jim and Dave, will allow us to build on Atkins’ brand heritage and consumer loyalty as we focus on growing our brand and introducing it to new consumers,” continued Mr. Scalzo.
Mr. West said: “Atkins has many of the attributes that we find compelling: ownership of a unique consumer idea, a solid business model, relevance with key retailers, and a very exciting growth opportunity. With Atkins as the first part of the platform, Simply Good Foods is poised to become a dynamic vehicle for future long-term growth and M&A within both the snacking space and broader food category.”
