The owners of Atkins Nutritionals Inc. will receive more than $730 million in a deal with a Connecticut firm to make the Denver firm public.
Conyers Park Acquisition Corp. (Nasdaq: CPAA), which went public last year and was formed by former executives of some of the biggest companies in the world, said it will combine with Atkins to form The Simply Good Foods Company. The Denver-based company's shares will trade on the Nasdaq exchange under the symbol "SMPL" and will have an anticipated initial enterprise value of approximately $856 million.
Jim Kilts of Conyers Park, who previously was the CEO of The Gillette Company and Nabisco, will serve as chairman of The Simply Good Foods Company. Joseph Scalzo, current CEO of Atkins, will continue in that role and lead the new company.
"I am excited to help build the Atkins brand and its promise of simply good and nutritious food. ... 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," Kilts said in a statement.
Read more at the Denver Business Journal: http://bit.ly/2pq21Xi
