CYTOSPORT has been 100% owned by PEPSICO since April 2019.

At what enterprise value was CYTOSPORT acquired in 2019?

During the acquisition of CYTOSPORT by PEPSICO in 2019, the transaction's Enterprise Value is estimated to be in the range of 300M - 700M USD.

What was the EV/EBITDA of CYTOSPORT when it was acquired by PEPSICO?

The estimated EV/EBITDA multiple for CYTOSPORT is in the range of 15x - 25x.

When was CYTOSPORT acquired by PEPSICO?

CYTOSPORT was acquired by PEPSICO in 2019.

What was the revenue of CYTOSPORT at the time of the deal?

The revenue of CYTOSPORT at the time of the deal is estimated to be in the range of 250M - 500M USD.

What was the EBITDA of CYTOSPORT during the acquisition?

CYTOSPORT's EBITDA is estimated to be in the range of 25M - 50M USD.

How is the data for the CYTOSPORT acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the CYTOSPORT deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.foodbusinessnews.net/articles/13626-pepsico-finalizes-cytosport-acquisition

What is the average EV/EBITDA multiple for the AgriFood sector in 2026?

The average EV/EBITDA multiple for the AgriFood sector in 2026 is 11.0x.

← DATABASE

Home Database AgriFoodCYTOSPORT

04/2019

CYTOSPORT acquired by PEPSICO

UNITED STATES Food Processing / Food Products EV 300M - 700M USD

Context

PepsiCo announced the completion of its acquisition of CytoSport on 30 September 2026. The transaction, valued at an enterprise value of , transfers ownership of the Muscle Milk and Evolve sports‑nutrition brands from Hormel Foods to PepsiCo. The deal was structured as a cash sale of the CytoSport business, with the purchase price of $465 million subject to working‑capital adjustments. Hormel, which originally acquired CytoSport in 2014 for about $450 million, will receive the proceeds and retain no stake in the business. PepsiCo, the parent of Gatorade, said the transaction aligns with its tuck‑in acquisition strategy and expands its portfolio of convenient sports‑nutrition products.

-> Deep-dive in AgriFood market trends

Target

Founded in 2014 through Hormel Foods' acquisition of CytoSport Holdings, Inc., the business manufactures sports nutrition products under the Muscle Milk brand. Its portfolio spans ready-to-drink beverages, protein-based powders, sports nutrition bars and energy chews. In 2017, CytoSport introduced Evolve, a plant-based and vegan protein line featuring shelf-stable shakes, powders and bars made with pea protein. The company targets athletes, fitness enthusiasts and consumers seeking convenient protein options across retail channels. Its dual-brand approach pairs a mainstream sports nutrition label with a plant-based alternative, addressing a broadening range of dietary preferences within the category.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (USD)

Year

Rev

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2019

2018

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REFERENCES

Valuation range: EV 300M - 700M USD

Revenue range: 250M - 500M USD

EBITDA range: 25M - 50M USD

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of CYTOSPORT by PEPSICO are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Acquirer: pepsico