OAK BROOK, IL — TreeHouse Foods, a private brands food and beverage manufacturer with capabilities ranging from refrigerated dough to cookies and crackers, has entered a definitive agreement to be acquired by Investindustrial, a collective of European investment, holding and advisory companies. The total enterprise value of the all-cash transaction is $2.9 billion.
“TreeHouse Foods has been executing a strategy to become a focused snacking and beverage private brand leader with depth in categories, attractive long-term prospects and an agile operating model,” said Steve Oakland, president, CEO and chair of TreeHouse Foods. “Our agreement with Investindustrial, a leading European investor with a strong track record in food manufacturing and related sectors, will provide shareholders with immediate cash value, at a substantial premium.”
Linda Massman, lead independent director of TreeHouse Foods’ board of directors, shared that the transaction was confirmed following careful consideration to identify the best path for maximizing value for the food manufacturer’s shareholders.
Linda Massman, lead independent director of TreeHouse Foods’ board of directors, shared that the transaction was confirmed following careful consideration to identify the best path for maximizing value for the food manufacturer’s shareholders.
As part of Investindustrial’s portfolio, TreeHouse will continue operating independently. With the integration of this business, the investment company will now have more than 85 manufacturing facilities and 16,000 employees.
“We have long admired TreeHouse Foods and have tremendous respect for Steve and the entire team, who have built a dynamic snacking and beverage leader and supply chain partner to blue-chip retail, food service and food-away-from-home customers across North America,” said Andrea C. Bonomi, chair of the industrial advisory board of Investindustrial. “We are confident in the long-term growth opportunities in private brands and the categories where TreeHouse Foods operates, as well as the company’s ability to build on its strong foundation of leadership. We look forward to working closely with the TreeHouse Foods leadership team and employees to drive its long-term success.”
At closing, shareholders will receive $22.50 cash for each share of common stock owned at closing, and one non-transferable contingent value right per common share.
“I am incredibly grateful to the entire TreeHouse Foods team for helping us reach this milestone,” Oakland said, “and we look forward to partnering with Investindustrial to position TreeHouse Foods for continued success in its next chapter.”
