Spinoff Report
New Spin: POST Announces IPO-Spin of Active Nutrition Segment
Post Holdings, Inc. (POST) is no stranger to value creation through Spinoffs, as it was separated from Ralcorp Holdings, Inc. (RAH) back in February 2012 and returned +40% in its first year (to date, +290% vs. the S&P MidCap 400 Index's return of +93%). Now, POST is looking to focus on its core cereal and refrigerated foods operations while paring down debt through the partial IPO of its Active Nutrition business in the second half of this year.

  • Previous Attempt in 2018 to IPO the Private Label Food Business Resulted in 39.5% Stake Sale
  • Intent is to Complete 19.9% IPO of Active Nutrition Business / Later Spinoff or Exchange Offer of Remaining Stake
  • Active Nutrition Segment is Fast-Growing at a CAGR of +30% / FY18 Sales of $827.5m / 13% of Total Revenue
  • POST Ex-Spin Will Focus on Core Cereal & Refrigerated Foods (and Retained 69.5% Stake in Private Label Segment)
  • Expected IPO in Late September or Early October 2019 / POST Enters the Upcoming US Spinoff Calendar
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