The success story of Post Holdings Inc. – Year 2017

Post Holdings, Inc., headquartered in St. Louis, Missouri, is a consumer packaged goods holding company operating in the center-of-the store, food service, food ingredient, private label, refrigerated and active nutrition food categories.

On February 3, 2012, Post completed its legal separation via a tax free spin-off (the “Spin-Off”) from their former parent company. On February 6, 2012, Post common stock began trading on the New York Stock Exchange under the ticker symbol “POST”. Post operates in four reportable segments:

  1. Post Consumer Brands: Includes the branded and private label ready-to-eat (“RTE”) cereal operations of Post Foods and MOM Brands Company (“MOM Brands”);
  2. Michael Foods Group: Comprised of MFI Holding Corporation (“Michael Foods”), including the October 2015 acquisition of Willamette Egg Farms (“WEF”) and the October 2016 acquisition of National Pasteurized Eggs, Inc.(“NPE”), and Dakota Growers Pasta Company, Inc. (“Dakota Growers”) and includes businesses focused on value-added egg products, refrigerated potato products, cheese and other dairy case products and pasta products for the food service, retail and food ingredient channels.
  3. Active Nutrition: Includes the protein shakes, bars and powders and nutritional supplement businesses of Premier Nutrition Corporation (“PNC”), Dymatize Enterprises, LLC (“Dymatize”) and the PowerBar brand.
  4. Private Brands: Includes the businesses of Golden Boy Foods Ltd. (“Golden Boy”) and American Blanching Company (“ABC”), which produce private label peanut and other nut butters, dried fruits and nuts, and provide peanut blanching, granulation and roasting services for the commercial peanut industry, as well as the business of Attune Foods, LLC (“Attune Foods”), which produces premium natural and organic granola, cereals and snacks.

Year 2016: Net Sales by Post Holdings:

  • 34% – ready to eat cereal
  • 11% – private label peanut butter and granola
  • 12% – protein bars, powders and shakes
  • 28% – value added egg products
  • 10% – branded potatoes and cheese
  • 5% – pasta

Post Holdings had a terrific year in 2016. They reached record levels of revenue, Adjusted EBITDA and cash generation. Their business model continues to enable their operating units to drive performance, while they remain active in seeking attractive acquisition opportunities.

Their Post Consumer Brands segment with an 18.4% dollar market share is the number three participant in the ready-to-eat (RTE) cereal category. The RTE cereal category improved in 2016 – while again negative in total, its health improved both quantitatively and qualitatively. Category volume declines slowed from 2.3% in our fiscal 2015 to 1.3% in our fiscal 2016.

Their Active Nutrition segment contains three core brands – Premier Protein, PowerBar and Dymatize. As with last year, each brand carries a different story.

Their Private Brands segment includes North America’s leading manufacturer of private label peanut and tree nut butters and non-GMO granola. Each of these businesses is attractively positioned in on-trend categories. Absent significant M&A, our approach to private brands remains to be deeply committed to certain categories rather than attempt to build out a broad line private brands company.

Post Consumer Brands further categorized into two sections i.e. one is for United States and other is for Canada.

  • Under Post Consumer Brands US – Alpha-Bits, Better Oats, Bran Flakes, CoCo Wheats, Dreamworks, Farina Mills, Golden Crisp, Good Morenings, Grape Nuts, Great Grains, Honey Bunches of Oats, Honey Maid Cereal, Honey Comb, Malt-o-Meal, Malt-o-Meal Hot Cereal, Mom’s Best Cereals, Oh’s, Oreo O’s, Pebbles, Shredded Wheat, Raisin Bran, Waffle Crisp, Weight Watchers
  • Under Post Consumer Brands Canada – 100% Bran, Alpha-Bits, Cranberry Almond Crunch, Grape Nuts, Great Grains, Honey Bunches of Oats, Honeycomb, Raisin Bran, Shredded Wheat, Shreddies, Sugar Crisp

They have approximately 8,700 employees as of November 1, 2016, of which approximately 7,995 are in the United States, approximately 575 are in Canada and approximately 130 are located in other jurisdictions, primarily in Germany. Currently, approximately 12% of their employees are unionized.

And recently Post Holdings acquire Weetabix Limited for £1.4bn. Weetabix is the #2 manufacturer in the UK ready-to-eat cereal category with an iconic brand portfolio includes Barbara’s, Ready Brek, Weetos and Weetabix On-the-Go. Weetabix was founded in year 1932 and headquartered in Kettering, UK and recently they entered into portable drink market.

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While the story of Post Holdings begins in 2012, their heritage dates back more than 100 years through their cereal and egg businesses. In 2012, Post Holdings separated from Ralcorp Holdings through a tax-free spin-off with the Post cereal brands forming our only operating segment. Since then, Post Holdings has completed several acquisitions which have transformed the company into a diversified consumer products holding company.

  • Year 1895 – The Postum Cereal Company, predecessor to Post Foods, is founded by C.W. Post, who introduces Grape-Nuts cereal, one of the first ready-to-eat cold cereals, in 1897.
  • Year 1908 – Papetti’s, Michael Foods’ egg foodservice business, is founded as a poultry business. Papetti’s was later acquired by Michael Foods in 1997. Uncle Sam cereal is introduced by a predecessor of Attune Foods.
  • Year 1914 – Following C.W. Post’s death in 1914, the Postum Cereal Company parent corporation name is changed to General Foods Corporation. It goes on to significantly expand its product line through acquisitions and new product introductions.
  • Year 1919 – Campbell Cereal Company, predecessor to Malt-O-Meal Company and MOM Brands Company, is founded by John Campbell with $900 of poker winnings.
  • Year 1926 – Nathan’s Produce Company, predecessor to Crystal Farms, is founded. Crystal Farms was later acquired by Michael Foods in 1987.
  • Year 1950 – M.G. Waldbaum introduces the first extended shelf-life liquid egg. M.G. Walbaum was later acquired by Michael Foods in 1988.
  • Year 1979 – Golden Boy Foods is founded as a family owned company selling roasted nuts, raw nuts and dried fruit.
  • Year 1985 – General Foods Corporation is purchased by The Philip Morris Companies and, after Kraft was acquired by The Philip Morris Companies in 1989, is combined with Kraft to become Kraft General Foods.
  • Year 1986 – PowerBar is founded and introduced as the first energy bar.
  • Year 1987 – Michael Foods is formed by North Star Universal and goes public through an IPO, its business comprised of refrigerated potato products.
  • Year 1990 – A grower-owned cooperative founded by farmers was established in the early 1990s, which later developed into Dakota Growers Pasta Company.
  • Year 1994 – Dymatize Nutrition is founded and begins marketing nutritional supplements to athletic programs.
  • Year 2002 – Malt-O-Meal Company purchases the Quaker Bagged Cereal Business, transforming its cereal portfolio to one concentrated on large, value-sized bags. Malt-O-Meal Company later changes its name in 2012 to MOM Brands Company.
  • Year 2006 – Attune Foods is founded and later acquires the Uncle Sam and Erewhon cereal brands in 2009.
  • Year 2007 – Premier Nutrition launches its first Premier Protein shake product.
  • Year 2008 – Post Foods, a manufacturer, marketer and distributor of branded ready-to-eat cereal, splits-off from Kraft and merges with Ralcorp in a tax-free Reverse Morris Trust transaction.
  • Year 2012 – Post spins off from Ralcorp and emerges as a standalone publicly traded company. Our sole operating segment consists of Post Foods. Post acquires assets of Attune Foods, Inc., a natural and organic platform of cereal and snack brands.
  • Year 2013 – Post acquires the predominantly private label cereal and granola business of Hearthside Food Solutions. Post acquires Premier Nutrition Corporation, a marketer of high protein shakes and bars.
  • Year 2014 – Post acquires Dakota Growers Pasta Company, Inc., a private label pasta manufacturer. Post acquires Golden Boy Foods Ltd., a manufacturer of private label nut butter and dried fruit and nuts. Post acquires Dymatize Enterprises, LLC, a manufacturer of sports nutrition supplements. Post acquires Michael Foods, a manufacturer of egg products, refrigerated potato products and cheese and other dairy case products. Post acquires the PowerBar brand, an iconic protein bar brand in the active nutrition category. Post acquires American Blanching Company, a private label peanut butter manufacturer.
  • Year 2015 – Post acquires MOM Brands Company, a manufacturer of ready-to-eat cereal, and combines it with Post Foods to form Post Consumer Brands. Post acquires Willamette Egg Farms, a producer, processor and wholesale distributor of eggs and egg products.
  • Year 2016 – Post acquires National Pasteurized Eggs, a producer of pasteurized shell eggs under the Davidson’s Safest Choice brand.

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