Abbott Laboratories Inc. is near a deal to buy EAS Inc., one of the top makers of diet bars, protein shakes and energy supplements, in a cash deal worth between $300 million and $350 million, The Post has learned.
The pharmaceutical giant is finalizing an agreement to purchase the Golden, Col. maker of Myoplex and AdvantEdge brand nutrition bars and drinks from investment firm North Castle Partners, sources familiarwith the situation said. If talks proceed on track, a deal could be announced as early as today.
A North Castle spokesman declined to comment. Representatives for Abbott Labs couldn’t be reached at press time.
EAS makes and sells nutritional food and supplements under the EAS HP, Myoplex, AdvantEdge and Pirahna brands.
The company has seen its sales more than triple in the last five years. The company, which North Castle bought from “Body for Life” author Bill Phillips in 1999, is expected to generate $340 million in sales this year.
North Castle, based in Greenwich, Conn., has been scouting for an EAS buyer for some time.
In December 2002, it came close to a deal to sell the business to Coca-Cola Co., but those talks fell through.
As The Post previously reported, North Castle instructed investment bank UBS earlier this year to begin quietly shopping EAS to Hershey Foods Corp., PepsiCo and other food companies eager to expand their product array to target health-conscious consumers.
For Abbott Labs, the acquisition of EAS will provide a wide range ofProducts – including balanced nutrition, energy, healthy snacks and low- carbohydrate foods – to complement the existing platform it has been steadily building in the healthy-living sector.
In 2003, Abbott, whichowns nutritional drinks Ensure, Glucerna and ProSure, purchased diet bar maker ZonePerfect Nutrition Co. for $160 million.
For North Castle, the sale of EAS would mark the buyout firm’s second successful investment exit so far this year. In April, North Castle sold its majority stake in vitamin maker Leiner Health Products to Golden Gate Capital.