New York, NY — Atkins Nutritionals, Inc., currently owned by Roark Captial Group has been acquired by Conyers Park Acquisition Corp with the intent to combine the companies under a newly created holding company, The Simply Good Foods Company. Atkins Nutritionals, Inc. has been purchased at approximately $856 million and the new The Simply Good Foods Company will be listed as SMPL on the NASDAQ stock exchange.
Executive founders of Conyers Park, Jim Kilts and Dave West will be appointed as chairman and executive vice chairman of Simply Good Foods, respectively. Also joining the new company will be Brian Ratzan, currently an executive founder of Conyers Park, as the director of Simply Good Foods, while Joseph Scalzo, who is currently the CEO of Atkins, will continue as CEO at Simply Good Foods.
“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 Scalzo in a press release. “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.”
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.”
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.”
“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 Scalzo.