Food company Glanbia has announced it has acquired ThinkThin for $217 million.

ThinkThin has a range of protein enriched bars targeted at lifestyle consumers looking for “wholesome, convenient and delicious snacks”.

The company primarily distributes its products in food, natural and mass retail channels in the US net sales for the twelve months to the end of September 2015 were $84 million, with a compound average growth rate for the previous three years of 31 per cent.

Glanbia Group managing director Siobhán Talbot said she was “very pleased” to announce the agreement.

“As a premium lifestyle nutrition product with very strong brand equity, ThinkThin represents an excellent strategic addition to our portfolio of market leading performance nutrition brands,” she said.

“The transaction is firmly aligned with our overall growth ambitions and positions us well in the fast growing nutrition bar category as well as being value enhancing for our shareholders.”

The company added in a statement that ThinkThin will increase Glanbia performance nutrition’s presence in the bar category and “provide exposure to the rapidly expanding nutrition bar segment which is currently valued at $2.8 billion in US retail”.

It is anticipated that the transaction will be completed prior to the end of the 2015 financial year subject to the customary completion conditions and regulatory approval.

The transaction will be marginally earnings accretive in 2016 and will be funded by debt from existing facilities.