Glanbia announced that it will acquire thinkThin for a cash consideration of $217 million.

Distributing its products in food, natural, and mass retail channels in the United States, thinkThin boasts a range of protein-enriched bars that target lifestyle consumers in search of convenient and delicious snacks.

The company's net sales for the 12 months leading up to the end of September were $84 million, with a compound average growth rate of 31 percent over the last three years.

 “As a premium lifestyle nutrition product with very strong brand equity, thinkThin represents an excellent strategic addition to our portfolio of market leading performance nutrition brands," says Siobhán Talbot, managing director, Glanbia Group. "The transaction is firmly aligned with our overall growth ambitions and positions us well in the fast growing nutrition bar category as well as being value enhancing for our shareholders.”

With its existing products, thinkThin will increase Glanbia Performance Nutrition's presence in the bar category and provide exposure to the expanding nutrition bar segment, which is valued at $2.8 billion in retail in the United States. It will also be a useful platform for Glanbia to enter the "better-for-you" snacking segment while augmenting the GNP brand portfolio in existing channels.

The transaction is expected to close before the end of the 2015 financial year.