Investindustrial to acquire portions of TreeHouse’s meal prep business

The acquisition is expected to close in the fourth quarter.

  • Lazard and Bank of America served as financial advisors to Investindustrial while Evercore served as financial advisor to TreeHouse
  • The business will remain headquartered in Chicago
  • TreeHouse is a maker of private label food for retail and foodservice customers

Investindustrial has agreed to acquire significant portions of TreeHouse Foods’ meal preparation business. No financial terms were disclosed.

TreeHouse is a maker of private label food for retail and foodservice customers.

TreeHouse Foods’ meal preparation business is a supplier of private label food products in its categories, manufacturing and distributing pasta, red sauces, salsa, salad dressings, mayonnaise, condiments, syrup, pie-fillings and preserves, among other products. The business operates 14 manufacturing facilities located in the US, Canada and Italy along with 19 company-operated distribution centers. It is expected to generate approximately $1.6 billion revenues in 2022.

The acquisition is expected to close in the fourth quarter. The business will remain headquartered in Chicago.

On the transaction, Andrea C. Bonomi, chairman of the industrial advisory board of Investindustrial, said in a statement: “We are delighted to add the divisions of TreeHouse Foods’ meal preparation business to our portfolio of leading private label food companies. We understand that success in the food business requires us to provide our customers with the best service as well as high quality products at a great value. With this acquisition, we will build on our reputation as an industry leader in customer excellence while continuing to improve service levels, product development, and operational efficiencies.”

Lazard and Bank of America served as financial advisors to Investindustrial, and Kirkland & Ellis served as legal advisor. Evercore served as financial advisor to TreeHouse and Gibson Dunn served as legal advisor. Centerview provided a fairness opinion to the Board of Directors of TreeHouse.

Investindustrial is a leading European group of independently managed investment, holding and advisory companies with €11 billion of raised fund capital.