Big baker Flowers Foods Inc. today (Jan. 8) announced an agreement to acquire Simple Mills, which will take Flowers into new snacking segments. The price is $795 million in cash.
The sellers are Katlin Smith, who founded the company in 2012, Simple Mills management, Vestar Capital Partners (the largest individual shareholder) and initial angel investors. The company makes better-for-you crackers, cookies, snack bars and baking mixes.
Flowers wrote: “The brand’s stunningly simple ingredients, pioneering use of nutrient-dense nut, seed and vegetable flours, and exceptional taste have cultivated unmatched brand love and loyalty among natural and mainstream consumers alike. Simple Mills products are available nationwide across more than 30,000 natural and conventional stores.”
Simple Mills is estimated to have generated 2024 net sales of $240 million, representing 14% growth compared to the prior year.
Upon closing, Simple Mills will operate as an independent subsidiary of Flowers Foods and continue to be led by CEO Katlin Smith and her leadership team. Simple Mills will maintain its operations in Chicago and Mill Valley, Calif.
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