Hormel Foods Corp. agreed to buy Muscle Milk maker CytoSport Holdings Inc. for about $450 million to expand into the ready-to-drink bottled protein market.

Total 2014 annual sales are expected to be approximately $370 million. The purchase price is approximately $450 million.  Hormel Foods expects this acquisition to provide about 5 cents per share accretion in fiscal 2015, with a neutral impact to fiscal 2014 earnings, including transaction costs, according to a Hormel news release issued on June 30.

CytoSport, owned by the founding Pickett family and private equity firm TSG Consumer Partners LLC, introduced Muscle Milk in 2000. The ready-to-drink bottled version, which is distributed by PepsiCo Inc. (PEP), is the market leader ahead of Core Power, owned by Chicago-based Fairlife LLC and distributed by stakeholder Coca-Cola Co. (KO).