On Friday, major news in the world of protein bars hit the wire with the announcement of Simply Good Foods Company acquiring Quest Nutrition, according to a report from Inc.com.
Quest Nutrition, most famously known for their protein bars and protein powder, was purchased for a reported 1 billion dollars. Simply Good Foods Co is another company known for their health supplements, most notably under Simply Protein and Atkins Nutritionals, Inc.
Quest Nutrition first entered the scene in 2010 when entrepreneur Tom Bilyeu, his wife, Lisa Bilyeu, Shannan Pena, Ron Penna, and Mike Osborn all teamed up to create a product high in protein that was intended to help limit the amount of sugar consumed on a regular basis.
According to foodnavigator-usa.com, the CEO of Simply Good Food Co., Jose Scalzo, spoke to investors and analysts on August 21st.
“Quest Nutrition targets younger, urban consumers of 18-44 years old, which could be complementary to Atkins’ older, suburban consumers,” Scalzo reportedly said to analysts and investors.
Question Nutrition grew exponentially by 57,000% in the first three years, and over the course of its existence we’ve seen the company expand from protein bars to low-carb and high-protein chips and pizza. According to Inc.com, in Quest Nutrition’s first three years it reached revenues of $82.6 million.
We’ve reviewed Quest Nutrition in the past, and even included their protein bars on our list of the best protein bars. Chances are pretty high you may have seen Quest Nutrition products in your local stores, and now Simply Good Foods Co can add another brand to their line-up.
In 2015, private equity firm VMG bought a minority stake in Quest and valued them at $900 million. VMG may be disappointed with the billion-dollar buyout, but it’s safe to say the founders are probably celebrating this Friday.
Featured image from @questnutrition Instagram page.