Consumer packaged goods holding company Post Holdings, Inc., has agreed to acquire MFI Holding Corporation (Michael Foods) from affiliates of GS Capital Partners, affiliates of Thomas H. Lee Partners and other owners.

Michael Foods is a leading producer of value-added food products and services to the foodservice, retail and food ingredient channels. Prominent lines include value-added egg products, refrigerated potato products and cheese and other dairy case products under brands such as Papetti's, All Whites, Better 'n Eggs, Easy Eggs, Simply Potatoes and Crystal Farms.

The Michael Foods acquisition will be Post's largest transaction to date and continues Post's strategy of investing in large secular themes in the food industry. Post remains focused on diversifying its business to capitalize on shifts in consumer behavior towards increased consumption of protein and away-from-home breakfast occasions.

Michael Foods will continue to be managed by its existing executive team. "The entire Michael Foods team is excited to join Post Holdings," says Michael Foods CEO Jim Dwyer. "We believe our business will benefit from Post's portfolio management approach of effectively and efficiently investing in profitable growth and margin expansion. I'm delighted to be joining the Post team."