Post to Purchase Peter Pan Brand from Conagra

Consumer packaged goods giant Post Holdings has struck a deal with Conagra Brands to purchase the century-old Peter Pan peanut butter brand, Post announced in a release Monday.

Peter Pan is currently produced by the co-manufacturer 8^th Avenue Food & Provisions. The products are distributed nationally across a variety of channels.

Conagra will perform transitional services during the transition of the business, according to the terms of the definitive agreement. Post did not reveal the terms of the acquisition.

The companies expect the sale to close in the first quarter of 2021 pending the completion of customary closing conditions and applicable regulatory approvals.

Earlier this year, Conagra announced that it was investing $100 million to expand its meat snacks plant in Troy, OH. The company plans to add about 63,000 sq ft of manufacturing space to the facility’s existing footprint, add new smokehouses and drying rooms, and install new packaging equipment.