OWYN — Acquisition by The Simply Good Foods Company
US plant-based protein and ready-to-drink nutrition brand acquired by Simply Good Foods, illustrating the premium strategic buyers may pay for fast-growing nutrition brands with established distribution.
This transaction involved a business above the $1m–$50m SME revenue benchmark. It is included for industry context and is not a direct SME comparison.
Acquirer
The Simply Good Foods Company
Year
2024
Enterprise Value
~$280m
Revenue
~$120m (2024 forecast net sales)
Adjusted EBITDA
~$21.1m (estimated adjusted EBITDA including synergies)
EBITDA Multiple
~13.3×
Industry
Sports Nutrition & Supplements
Transaction
On 13 June 2024, Simply Good Foods completed its acquisition of Only What You Need (OWYN) for an announced cash purchase price of approximately $280 million. OWYN was expected to generate approximately $120 million in 2024 net sales. The buyer disclosed a purchase price multiple of 13.3× estimated adjusted EBITDA including anticipated run-rate synergies, implying approximately $21.1 million in adjusted EBITDA on that basis.
Why the Premium?
- Established plant-based protein nutrition brand
- Repeat-purchase protein shakes
- Retail and e-commerce distribution
- Strong historical sales growth
- Differentiated product positioning
- Potential supply chain and administrative synergies
SME Takeaway
At 13.3× estimated adjusted EBITDA including synergies, the acquisition illustrates the premium strategic buyers may pay for fast-growing nutrition brands with established distribution. The transaction was substantially larger than the $1m–$50m SME revenue benchmark. The headline multiple also includes anticipated synergies, meaning it is not directly comparable with standalone historical EBITDA multiples.
Sources
Disclaimer: Case study figures are based on publicly available information and are provided for illustrative purposes only. Transaction values, EBITDA figures and implied multiples may reflect different reporting periods, definitions and deal structures, and some multiples are calculated from disclosed figures rather than reported by the parties. They are not formal valuations, investment advice or a substitute for independent professional advice.