PepsiCo has agreed to acquire Hormel Foods’ supplements business CytoSport.

Based in California, the subsidiary’s muscle milk and other nutrition products contain high levels of protein for sports applications. They are sold to the US market.

The acquisition is said to be in line with PepsiCo’s current strategy and will support its protein business.

“We look forward to working with PepsiCo to ensure a smooth transition for our team members, suppliers, customers and consumers.”

Hormel Foods president and CEO Jim Snee said: “PepsiCo has deep expertise and experience in the sports nutrition category and has been a long-standing distribution partner for CytoSport and the Muscle Milk brand, which puts them in a strong position to grow this dynamic business.

“We look forward to working with PepsiCo to ensure a smooth transition for our team members, suppliers, customers and consumers.”

Subject to customary closing conditions and regulatory approvals, the transaction is expected to be completed in 30 to 60 days.

Released in November last year, Hormel Foods’ fiscal earnings showed that the company incurred a $17m non-cash impairment in Q4 associated with the CytoSport business.

Hormel Foods has said it will provide additional details regarding the transaction during the company’s earnings call on 21 February. 

Hormel Foods entered a definitive agreement in 2014 to acquire CytoSport for $450m.

The business will be the latest in PepsiCo’s purchases under its Performance with Purpose concept.