The landscape of nutritional snacking has officially shifted with the successful completion of a significant business combination. Conyers Park Acquisition Corp. and Atkins Nutritionals, Inc. have joined forces to create The Simply Good Foods Company, a powerhouse poised to lead the market in simply good foods. This strategic merger, finalized on July 7, 2017, marks a pivotal moment for both companies and signals exciting prospects for consumers seeking health-conscious and delicious food options.
This union, unanimously approved by Conyers Park’s board and stockholders, brings together the robust financial foundation of Conyers Park and the iconic brand recognition of Atkins. Trading on the NASDAQ stock exchange under the symbols “SMPL” and “SMPL.W” starting July 10, 2017, Simply Good Foods is set to embark on a journey of growth and innovation within the dynamic snacking and broader food industry.
Leadership and Investment Fueling Growth
The formation of Simply Good Foods is not just a merger of companies; it’s a synergy of expertise and vision. Key figures from both Conyers Park and Atkins are at the helm, ensuring a seamless transition and a forward-thinking approach. Jim Kilts, a veteran in the consumer food sector and executive founder of Conyers Park, assumes the role of Chairman. Dave West, also an executive founder of Conyers Park with a rich history in the industry, will serve as Executive Vice Chairman. Continuing his leadership, Joseph Scalzo remains President and Chief Executive Officer, bringing his proven track record from Atkins to Simply Good Foods.
The financial backing for this acquisition is substantial, combining the $402.5 million from Conyers Park’s IPO with a $100 million capital infusion from prominent investors. This strong financial position empowers Simply Good Foods to pursue ambitious growth strategies and capitalize on market opportunities. The ownership structure reflects a diverse group of stakeholders, including Conyers Park’s public shareholders, previous Atkins equity owners, Conyers Park Founders, and private placement investors, all aligned in the vision for Simply Good Foods.
The Vision for Simply Good Foods
The leadership team has articulated a clear and compelling vision for Simply Good Foods. Jim Kilts emphasizes the “exciting opportunities for growth within the snacking space and broader food category,” highlighting the company’s strong foundation built upon the loyal Atkins consumer base and robust retail partnerships. Dave West views Atkins as the cornerstone of a broader platform for growth in consumer products, praising the consistent performance of Joseph Scalzo and his team. Joseph Scalzo himself points to the company’s “solid foundation for continued growth,” citing consistent growth, strong cash flow, unique brand attributes, and favorable industry trends.
Brian Ratzan, another executive founder of Conyers Park, further underscores the growth-oriented strategy, indicating Simply Good Foods will be actively pursuing mergers and acquisitions within the packaged foods sector. This proactive approach, leveraging core competencies in product development and marketing, signals an intent to expand the company’s portfolio and market reach.
Atkins: An Iconic Brand at the Heart of Simply Good Foods
At the core of Simply Good Foods is Atkins Nutritionals, an iconic American brand with a 45-year legacy in nutritional snacking. Atkins has become synonymous with reduced sugar and carbohydrate principles, focusing on optimal protein and good fats. Its product portfolio, featuring nutrition bars, ready-to-drink shakes, snacks, confectionery products, and frozen meals, resonates with health-conscious consumers seeking simply good foods that align with their wellness goals. Brands like Atkins®, SimplyProtein®, Atkins Endulge®, and Atkins Harvest Trail are cornerstones of this portfolio, offering a diverse range of delicious and nutritious options.
Alt text: Diverse product range from Atkins and Simply Protein showcasing nutrition bars, shakes and snacks, exemplifying simply good foods.
Atkins products are widely accessible, available online and in over 43,000 locations across the U.S. and internationally. This extensive reach, combined with a strong brand identity, provides Simply Good Foods with a powerful platform for continued expansion and innovation in the simply good foods market.
Looking Ahead: Growth and Expansion for Simply Good Foods
The formation of Simply Good Foods represents more than just a business transaction; it’s the beginning of a new chapter in the nutritional food industry. The company’s ambition to become a portfolio of brands that “bring simple goodness, happiness and positive experiences to consumers and their families” underscores a commitment to quality, health, and consumer satisfaction.
With a strong leadership team, robust financial backing, and the iconic Atkins brand as its foundation, Simply Good Foods is well-positioned to capitalize on the growing demand for simply good foods. The company’s focus on expansion through strategic acquisitions and organic growth initiatives promises an exciting future in the ever-evolving landscape of consumer products. Simply Good Foods is poised to become a leading force, delivering on its promise of simply good foods for a healthier and happier consumer base.
About Simply Good Foods Company
The Simply Good Foods Company is the result of the business combination between Conyers Park Acquisition Corp. and NCP-ATK Holdings, Inc. Its focused product portfolio includes nutrition bars, shakes, snacks, confectionery, and frozen meals under the Atkins® and SimplyProtein® brands. The company aims to expand its platform in the snacking and broader food category, aspiring to build a portfolio of brands offering simple goodness and positive consumer experiences.
About Atkins Nutritionals, Inc.
Atkins Nutritionals, Inc. is a developer, marketer, and seller of branded nutritional food and snacking products. Its product portfolio is marketed under the Atkins®, Atkins Endulge®, and Atkins Harvest Trail brands. Atkins is known for its nutritional principles of reduced sugar and carbohydrates, with optimal protein and good fats, and is available in numerous locations and online.
About Conyers Park Acquisition Corp.
Conyers Park was a special purpose acquisition company sponsored by Conyers Park LLC, an affiliate of Centerview Capital. It was formed with the purpose of facilitating mergers and acquisitions, particularly within the consumer sector, leveraging the expertise of its founders, Jim Kilts and Dave West.
About Roark Capital
Roark Capital is a private equity firm focused on franchised and multi-unit business models across various sectors. Affiliates of Roark have a significant investment portfolio in brands spanning retail, restaurant, and consumer services.
