Conyers Park and Atkins to jointly create Simply Good Foods
Special purpose acquisition company Conyers Park Acquisition (Conyers Park) and an affiliate of Atkins Nutritionals (Atkins) have agreed to combine their businesses to form a new holding company called ‘The Simply Good Foods Company’ (Simply Good Foods).
A US-based developer and seller of branded nutritional food and snacking products, Atkins is currently owned by affiliates of Roark Capital (Roark), which focuses on franchised and multi-unit business models in the retail, consumer and business services sectors.
Simply Good Foods will have an anticipated initial enterprise value of nearly $856m, and will be expanding its platform through investment opportunities in the snacking segment and broader food category.
Conyers Park founders Jim Kilts and Dave West will be serving as chairman and executive vice-chairman of Simply Good Foods, and Brian Ratzan, also an executive founder of Conyers Park, will be serving as the director for the new company.
Atkins' current chief executive officer Joseph Scalzo will continue in the role, as well as lead the new company.
Conyers Park founder Jim Kilts said: "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."
The transaction will be funded through a combination of cash, stock, and debt financing.
Funded through a combination of cash, stock, and debt financing, the transaction is expected to be completed by June subject to customary and other closing conditions.
The new company will be listed on the NASDAQ stock exchange under the symbol SMPL upon closing of the proposed transaction.