Hormel Foods has agreed to buy the maker of Muscle Milk, CytoSport Holdings, for nearly half a billion dollars. Hormel is best known for its canned meat Spam. The food maker is looking to expand into other sports proteins in an effort to reach a younger crowd. Hormel CEO Jeffrey Ettinger said, "This acquisition builds upon our strength in protein but also allows us to diversify our product portfolio." CytoSport's 2014 sales are estimated at $370 million, but Hormel doesn't expect the deal to add anything to its bottom line until 2015. Bank of America Merrill Lynch is advising Hormel on the deal. Assuming Hormel and CytoSport get all the necessary regulatory approvals, the deal is expected to close by the end of July. California based CytoSport was founded in 1998 by the Pickett family. In 2000, it introduced the popular ready-to-drink Muscle Milk, which contains lactose-free protein supplements and are popular with athletes. TheStreet's Julia Sun reports from New York.