Investindustrial acquires TreeHouse Foods in US$2.9B deal
Key takeaways
- Investindustrial will acquire TreeHouse Foods in a US$2.9 billion all-cash deal, taking the company private by early 2026.
- The acquisition strengthens Investindustrial’s North American presence, bringing its portfolio to over 85 plants and 16,000 employees.
- The deal has full support from TreeHouse Foods’ Board of Directors and major shareholder JANA Partners.
European investment firm Investindustrial will acquire private brand manufacturer TreeHouse Foods for US$2.9 billion, taking the company private in a deal expected to close in the first quarter of 2026.
The Oak Brook, Illinois-based company supplies private brand snacking and beverage products to retail, foodservice, and food-away-from-home customers across North America.
Following the acquisition, TreeHouse Foods will delist from the New York Stock Exchange and operate independently within Investindustrial’s portfolio.
Transaction terms
The deal values TreeHouse Foods shares at US$22.50 each in cash — a 38% premium to the September 26 closing price, the last full trading day before market speculation emerged.
Shareholders will also receive one Contingent Value Right per share, entitling them to 85% of any net proceeds recovered from ongoing antitrust litigation against Keurig Green Mountain. TreeHouse Foods filed the suit in February 2014, alleging that Keurig monopolized markets for single-serve coffee brewers and pods.
In August 2020, TreeHouse Foods’ economic experts estimated damages ranging from US$719.4 million to US$1.5 billion for the antitrust claims, before trebling, and US$358 million for false advertising claims. The case remains pending.
Deal status
The TreeHouse Foods Board of Directors has approved the transaction. JANA Partners, which holds a 10% stake, has agreed to support the deal. Completion remains subject to shareholder approval and regulatory clearances.
After the acquisition, Investindustrial’s portfolio companies will operate over 85 manufacturing plants and employ 16,000 people in North America.
In other news, global food manufacturing firm Cerealto recently expanded into the US market by investing in Fresca Foods, a multi-platform, snacks and baked goods co-manufacturer.
Investindustrial will acquire TreeHouse Foods in a US$2.9 billion all-cash deal, taking the company private by early 2026.
The acquisition strengthens Investindustrial’s North American presence, bringing its portfolio to over 85 plants and 16,000 employees.
The deal has full support from TreeHouse Foods’ Board of Directors and major shareholder JANA Partners.
