The Simply Good Foods Company (Nasdaq: SMPL) has reached a deal to acquire OWYN (Only What You Need), a plant-based ready-to-drink (RTD) protein brand, for $280 million in cash

OWYN is among the fastest-growing RTD protein shake brands in the market and is expected to diversify Simply Good Foods’ portfolio. Simply Good Foods Company is acquiring OWYN from United Nutritional Brands, an affiliate of Purchase Capital LLC, and other minority investors.

“The acquisition of Only What You Need is strategically compelling as it brings a third, complementary brand to Simply Good Foods and further enhances our presence in the fast-growing RTD shake segment,” said Geoff Tanner, president and CEO of Simply Good Foods.

“Additionally, OWYN reaches a new, incremental consumer segment which strengthens our category leading presence with retail customers. We are confident our go-to-market capabilities will accelerate profitable growth through accelerated distribution gains, increased household penetration and leveraging our cost-efficient supply chain.”

OWYN’s 2024 net sales are expected to be about $120 million, according to the companies.

“Since OWYN’s launch in 2017, our goal has been to bring truth and transparency to everything we do while providing the best tasting RTD protein shakes in the market,” said Mark Olivieri, president and CEO of OWYN, who will continue to lead the company.

“This transaction is a continuation of our mission as Simply Good Foods is also committed to providing its consumers with quality products focused on high protein, minimal sugars and low levels of net carbohydrates,” said Olivieri. I’m extremely proud of everything the OWYN team has accomplished in establishing a $120 million dollar brand in such a short time.”