AUSTIN, MN -- Hormel Foods Corp. has agreed to acquire CytoSport Holdings Inc., maker of Muscle Milk, for about $450 million. The transaction is expected to close within 30 days.
Hormel said CytoSport's sports nutrition drinks align with the Austin, MN-based processed meat giant's focus on protein, while further diversifying its portfolio.
Based in Benicia, CA, CytoSport was founded in 1998 by the Pickett family. Muscle Milk is the No. 1 brand in the ready-to-drink protein beverage category.
"The acquisition of CytoSport expands our offerings of portable, immediate, protein-rich foods, and broadens our appeal with younger consumers," said Jeffrey M. Ettinger, president and chief executive of Hormel Foods.