Post Holdings, Inc. is a consumer packaged goods holding company with businesses operating in the center-of-the-store, refrigerated, foodservice and food ingredient categories.
The company also participates in the private brand food category, including through the company’s ownership interest in 8th Avenue Food & Provisions, Inc. (‘8th Avenue’).
Segments
The company operate in four reportable segments:
Post Consumer Brands: Includes branded and private label ready-to-eat (‘RTE’) cereals from...
Post Holdings, Inc. is a consumer packaged goods holding company with businesses operating in the center-of-the-store, refrigerated, foodservice and food ingredient categories.
The company also participates in the private brand food category, including through the company’s ownership interest in 8th Avenue Food & Provisions, Inc. (‘8th Avenue’).
Segments
The company operate in four reportable segments:
Post Consumer Brands: Includes branded and private label ready-to-eat (‘RTE’) cereals from the businesses of Post Foods, LLC, MOM Brands Company, LLC, which Post acquired in May 2015, Weetabix North America, which Post acquired as part of its acquisition of Weetabix Limited in July 2017 referred to below, and certain private label RTE cereal operations, which Post acquired in June 2021, peanut butter under the Peter Pan brand, which Post acquired in January 2021, and branded and private label pet food, the brands and operations of which Post acquired in April 2023 (‘Pet Food’) and in December 2023 (‘Perfection’);
Weetabix: Includes the businesses of Weetabix Limited, which Post acquired in July 2017 and which produces and distributes branded and private label RTE cereal, hot cereals and other cereal-based food products and muesli primarily outside of North America, Lacka Foods Limited, which Post acquired in April 2022 and which distributes and markets protein-based shakes under the UFIT brand primarily in the United Kingdom (the ‘U.K.’), and Deeside Cereals I Ltd, which Post acquired in December 2023 and which produces private label cereals;
Foodservice: Includes primarily egg and potato products in the foodservice and food ingredient channels from the businesses of MFI Holding Corporation (‘Michael Foods’), which Post acquired in June 2014, National Pasteurized Eggs, Inc. (‘NPE’), which Post acquired in October 2016, Bob Evans Farms, Inc. (‘Bob Evans’), which Post acquired in January 2018, Henningsen Foods, Inc., which Post acquired in July 2020, and Almark Foods (‘Almark’), which Post acquired in February 2021; and
Refrigerated Retail: Provides refrigerated retail products, inclusive of side dishes, eggs and egg products, sausage, cheese and other dairy and refrigerated food products, from the businesses of Bob Evans, Michael Foods, including the business of Crystal Farms Dairy Company, which Post acquired as a part of its acquisition of Michael Foods in June 2014, NPE and Almark, as well as the Egg Beaters brand, which Post acquired in May 2021.
Business Model
The company operates a decentralized, adaptive business model, which provides the company with flexibility to pursue acquisitions and other strategic transactions. Since the company’s formation, the company has expanded and established new platforms through numerous acquisitions. In addition to acquisitions, the company has pursued and completed other types of strategic transactions. For example, the company separately capitalized 8th Avenue with third parties in 2019; divested the company’s interest in BellRing through a series of transactions, including the BellRing IPO in 2020, the BellRing Distribution in 2022 and divestitures of the company’s remaining interest in BellRing in 2022 and 2023; facilitated the PHPC IPO in 2021 and subsequent dissolution of PHPC in 2023 and completed other divestitures from time to time.
Businesses
Post Consumer Brands
The company’s Post Consumer Brands segment manufactures, markets and sells a portfolio of branded and private label human and pet food products, primarily in the RTE cereal, hot cereal, peanut butter and dog and cat food categories predominantly in North America. Post Consumer Brands’s core brands include the RTE cereal brands of Honey Bunches of Oats, Pebbles and Malt-O-Meal, the Nutrish, 9Lives and Kibbles ’n Bits pet food brands and the Peter Pan peanut butter brand. Post Consumer Brands’s products are primarily manufactured through a flexible production platform at fourteen owned facilities in the United States (the ‘U.S.’) and Canada; the company’s Peter Pan peanut butters are primarily manufactured by 8th Avenue.
Weetabix
The company’s Weetabix segment primarily markets and distributes branded and private label RTE cereal products. Weetabix is a leading manufacturer in the U.K. breakfast cereals category, with its core brands being Weetabix and Alpen. Weetabix also markets and distributes hot cereals, protein-based shakes and nutritional snacks. Weetabix’s products are primarily manufactured at four owned manufacturing facilities in the U.K. Some of its RTE cereals and muesli also are manufactured in Africa through two joint ventures, each of which owns a manufacturing facility. Weetabix’s main markets are the U.K. and the Republic of Ireland. Weetabix distributes products to multiple countries throughout the world mainly through a network of third-party distributors in the respective markets. Weetabix’s protein-based shakes and nutritional snacks are co-manufactured in the European Union (the ‘E.U.’) and distributed in the U.K. through a network of large retail outlets.
Foodservice
Through the company’s Foodservice segment, the company primarily produces and distributes egg and potato products in the foodservice and food ingredient channels. The company provides a broad portfolio of egg products under several brands, with the primary brands being Papetti’s and Abbotsford Farms, and potato products. The company’s Foodservice segment also manufactures certain meat products. The company’s operations include thirteen egg products production facilities in the U.S., some of which are fully integrated from the maintenance of laying flocks through the processing of egg products, three potato processing facilities and two meat products processing and production facilities. Several of these production facilities also produce products for the company’s Refrigerated Retail segment. In addition, the company’s Foodservice segment has a manufacturing facility in West Jefferson, Ohio, which manufactures ready-to-drink shakes as a third-party manufacturer for BellRing.
Refrigerated Retail
Through the company’s Refrigerated Retail segment, the company produces and distributes side dishes, eggs and egg products, sausage, cheese and other dairy and refrigerated food products to retail customers. The company’s refrigerated side dish, potato and sausage products are sold primarily under the Bob Evans, Bob Evans Farms and Simply Potatoes brands. The company sells private label egg products as well as branded egg products primarily under the Bob Evans Egg Whites and Egg Beaters brands. The company’s cheese and other dairy case products are sold principally under the Crystal Farms brand. The company’s products are manufactured across ten facilities, three of which are egg products processing facilities and two of which are potato processing facilities previously referenced under the Foodservice segment discussion. In addition, the company’s Egg Beaters products are manufactured under a co-manufacturing agreement at a third-party facility, and the company also uses third-party manufacturers for many of the company’s cheese products and certain of its potato side dish and sausage products.
Products
Cereal sold by the company’s Post Consumer Brands and Weetabix segments together accounted for 34.8% of the company’s consolidated net sales for the fiscal year ended September 30, 2024 (fiscal 2024). Eggs and egg products sold by the company’s Foodservice and Refrigerated Retail segments together accounted for 26.8% of the company’s consolidated net sales for fiscal 2024. Pet food sold by the company’s Post Consumer Brands segment accounted for 22.2% of the company’s consolidated net sales for fiscal 2024.
Sales, Marketing and Distribution
Each of the company’s businesses has developed marketing strategies specific to its product lines. For certain of the company’s products, the company has consumer-targeted marketing campaigns, which generally include television, digital and print advertisements, coupon offers, rebate programs, co-marketing arrangements with complementary consumer product and entertainment companies and joint advertising with select retail customers. The company also generally uses print and digital advertising and social media, as well as more targeted grass roots programs such as sampling events, in order to increase brand awareness and loyalty at both national and local levels. In addition, the company’s internet and social media efforts are used to educate consumers about the nutritional value and flavor profiles of the company’s products and for product promotion and consumer entertainment.
The company’s Post Consumer Brands segment sells products primarily through an internal sales staff and broker organizations. The company’s Weetabix segment services its key U.K. markets through a centralized commercial team which manages relationships with customers at the corporate level while a third-party sales force operates at the store level to ensure maximum availability and compliance with agreed plans. Weetabix also has in-country sales and marketing teams in Europe and in the growth markets of Spain and the United Arab Emirates. The company’s Foodservice and Refrigerated Retail segments sell and market their products primarily through dedicated teams of internal sales staff and broker organizations.
Generally, the company’s products are distributed through a network of third-party common carriers. In addition, the majority of the company’s Refrigerated Retail products and certain of the company’s Foodservice products are distributed using their internal fleets.
Trademarks and Intellectual Property
The company’s Post Consumer Brands business’s trademarks include Post, Post Consumer Brands, Perfection Pet Foods, Honey Bunches of Oats, Great Grains, Post Bran Flakes, Post Shredded Wheat, Spoon Size Shredded Wheat, Golden Crisp, Alpha-Bits, Ohs!, Shreddies, Post Raisin Bran, Grape-Nuts, Honeycomb, Frosted Mini Spooners, Golden Puffs, Cinnamon Toasters, Fruity Dyno-Bites, Cocoa Dyno-Bites, Berry Colossal Crunch, Malt-O-Meal, Farina, Dyno-Bites, Mom’s Best, Better Oats, CoCo Wheats, Peter Pan, Nutrish, Nature’s Recipe, 9Lives, Kibbles ’n Bits, Gravy Train, Weetabix, Barbara’s and Puffins, each of which the company owns, as well as several trademarks that the company licenses from third parties for use in the U.S., Canada and several other international markets, such as Pebbles, Oreo O’s, Chips Ahoy!, Honeymaid, Rachael Ray and Premier Protein.
The trademarks for the company’s Weetabix business include Weetabix, Alpen, Weetos, Ready Brek, Weetabix On The Go, Oatibix and UFIT, each of which the company owns, as well as Oreo O’s, which the company’s Weetabix business licenses from a third party for use in the U.K., the E.U. and other international markets.
The trademarks for the company’s Foodservice business include Michael Foods, Papetti’s, Abbotsford Farms, Simply Potatoes, Henningsen Foods, Almark Foods and Easy Eggs, each of which the company owns.
The trademarks for the company’s Refrigerated Retail business include Davidson’s Safest Choice, Abbotsford Farms, Better’n Eggs, Crystal Farms, Simply Potatoes, Diner’s Choice, Westfield Farms, David’s Deli, Owens, Country Creek Farm and Egg Beaters, each of which the company owns, Bob Evans (which is used in brands such as Bob Evans Egg Whites), Bob Evans Farms and Pineland Farms, which the company licenses from third parties for worldwide use, and Old El Paso, which the company licenses from a third party for use in the U.S. The company’s owned trademarks are generally protected through registration in the U.S. or the U.K. in most cases, as well as in many other countries where the related products are sold.
In addition, the company markets certain of its products in the U.S., Canada, the U.K. and several other locations pursuant to intellectual property license agreements.
The company also owns several patents in North America and elsewhere.
Seasonality
Demand for the company’s egg products, potatoes, sausage, side dishes, butter and cheese tends to increase during the Thanksgiving, Christmas, Easter and other holiday seasons. However, on a consolidated basis the company’s net sales and results of operations generally are distributed relatively evenly over the quarters of the company’s fiscal year (year ended September 2024).
Customers
The company sells Post Consumer Brands products primarily to grocery stores, mass merchandise customers, supercenters, club stores, natural/specialty stores, dollar stores, discounters, wholesalers, convenience stores, pet supply retailers and drug store customers. The company also sells Post Consumer Brands products in the military, eCommerce and foodservice channels. The company’s Weetabix segment’s products are primarily sold to retailers, discounters, wholesalers and convenience stores and through eCommerce. The company’s Foodservice segment’s primary customers include foodservice distributors, national restaurant chains and consumer packaged goods companies. The company’s Refrigerated Retail segment’s primary customers include grocery stores and mass merchandise customers.
The company’s largest customer, Walmart, accounted for 19.9% of the company’s consolidated net sales in fiscal 2024. No other customer accounted for more than 10% of the company’s fiscal 2024 consolidated net sales, but each of the company’s segments depends on sales to large customers. For example, the largest customer of the company’s Post Consumer Brands segment, Walmart, accounted for 32.9% of Post Consumer Brands’s net sales in fiscal 2024. The largest customers of the company’s Weetabix segment, Tesco and Asda, accounted for 30.2% of Weetabix’s net sales in fiscal 2024. The largest customers of the company’s Foodservice segment, Sysco and US Foods, accounted for 41.2% of the segment’s net sales in fiscal 2024. Additionally, the largest customers of the company’s Refrigerated Retail segment, Walmart and Kroger, accounted for 35.7% of the segment’s net sales in fiscal 2024. For purposes of this disclosure, ‘Walmart’ refers to Walmart Inc. and its affiliates, which include Sam’s Club.
Strategies
The company’s principal strategies for competing in each of the company’s segments include effective customer relationship management, category insights, superior product quality and food safety, product innovation, an efficient supply chain and competitive pricing.
Governmental Regulation and Environmental Matters
The company is subject to regulation by federal, state, local and foreign governmental entities and agencies. The company’s activities in Canada and Europe are subject to regulations similar to those applicable to the company’s businesses in the U.S. As a producer and distributor of goods for human and animal consumption, the company’s operations must comply with stringent production, packaging, quality, safety, storage, distribution, labeling and marketing standards administered by the applicable government entities, namely the Food and Drug Administration (the ‘FDA’), the USDA, the Federal Trade Commission and state and local agencies in the U.S., as well as similar regulatory agencies in Canada, Mexico, the U.K., the E.U. and elsewhere.
The company’s facilities, like those of similar businesses, are subject to certain safety regulations, including regulations issued pursuant to the U.S. Occupational Safety and Health Act and similar regulations in Canada and the U.K.
In addition, the company’s operations are subject to various federal, state and foreign laws and regulations regarding information security and data privacy, including the General Data Protection Regulation, the E.U.’s retained law version of the General Data Protection Regulation, the U.K.’s Data Protection Act of 2018, the E.U.-U.S. Data Privacy Framework, the California Consumer Privacy Act (as modified by the California Privacy Rights Act) and various other states’ comprehensive privacy laws, each of which applies to certain of the company’s businesses and deals with the collection and use of personal information obtained from data subjects. The company also are subject to tax and securities regulations, accounting and reporting standards and other financial laws and regulations.
History
Post Holdings, Inc., a Missouri corporation, was founded in 1895. The company was incorporated in 2011.
