Under the deal, which is expected to close in September, PNC will continue to be run by its existing management team in Emeryville, California, led by CEO David Ritterbush.
On a full year basis, PNC is expected to contribute around $130-140m to net sales and $17-20m to earnings before interest, tax, depreciation and amortization (EBITDA).
Post Holdings (Post Foods) - which has its corporate HQ in St. Louis, MO - makes well-known cereal brands including Great Grains, Pebbles, Honey Bunches of Oats and Grape-Nuts.
Post - which was spun off from Ralcorp last year and is now an independent, publicly traded company - manufactures its cereals at facilities in Battle Creek, Michigan; Jonesboro, Arkansas; and Niagara Falls, Ontario; and Modesto, California. The Modesto plant is set to close, with production transferring to the other sites, by September 2014.
The PNC deal is the third acquisition Post has made since going solo, coming hot on the heels of its $158m deal to acquire cereal and granola brands from Hearthside Food Solutions in June; and the acquisition of natural and organic cereal maker Attune Foods in January.