CYTOSPORT acquired by PEPSICO
Context
PepsiCo announced the completion of its acquisition of CytoSport on 30 September 2026. The transaction, valued at an enterprise value of $300–700M, 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.
In the past, Cytosport was acquired by Hormel Foods in 2014 as part of its expansion strategy.
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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
$300–700M
Equity Value
[members only]
Multiples
EV / Revenue
1x–3x
EV / EBITDA
15x–25x
EV / EBIT
[members only]
Historical Financials (USD)
Other operations with CYTOSPORT
Other operations with CYTOSPORT
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 08/2014 | HORMEL FOODS | CYTOSPORT | UNITED STATES | Food Products |
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Other operations with PEPSICO
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 10/2018 | PEPSICO | HEALTH WARRIOR | UNITED STATES | Food Products |
| 08/2018 | PEPSICO | SODASTREAM | UNITED STATES | Consumer Products |
REFERENCES
Valuation range: EV $300–700M
Revenue range: $250–500M
EBITDA range: $25–50M
EV/Revenue range: 1x - 3x
EV/EBITDA range: 15x - 25x
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