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USA shopping for Investindustrial

$ 950M deal for the acquisition of TreeHouse Foods

"Very hot" mid-August in the United States for Investindustrial (see also other article). As an official statement indicates, an indirectly held investment company (Investindustrial VII L.P.) has signed "a definitive agreement for the acquisition of a significant part of the food preparation division of TreeHouse Foods, a leader in the production and distribution of food products in private label in the retail and catering channel in North America". 

The completion of the acquisition which, according to Bloomberg, involved an investment of $ 950 million (about $530 million in cash from Investindustrial at closing and about $420 million in senior secured debt to be provided by TreeHouse), is scheduled for the fourth quarter and is subject to the usual regulatory approvals: the company will maintain its headquarters in Chicago and will be controlled by Investindustrial, 

TreeHouse Foods is the leading US supplier of private label food products in several categories and is active in the production and distribution, among other products, of: pasta, sauces, tomato preserves, salad dressings, mayonnaise, sauces, syrups, fillings for cakes and jams. The company operates 14 production plants in the United States, Canada and Italy, where there are two pasta production plants, one in Fara Gera d’Adda (Bergamo) and the other in Verolanuova (Brescia). It also owns 19 distribution centers and expects to generate approximately $ 1.6 billion in revenue in 2022. 

"We believe that success in the food sector cannot be separated from offering the best possible service to our customers in support of high quality products at a competitive price - explains Andrea C. Bonomi, president of Investindustrial -. With this acquisition, we will strengthen our position as the industry leader in terms of customer excellence, while continuing to improve service levels, product development and operational efficiency".

 With this acquisition, Investindustrial creates one of the largest suppliers of private label food products in the world, combining the revenues and global distribution of the Chicago-based company and those of La Doria, a European producer of legumes, peeled tomatoes, tomato pulp and fruit juices. fruit participated by the fund. 

"Investindustrial is the ideal partner for our leading division in the food preparation sector - adds Steve Oakland, managing director and president of TreeHouse Foods -. The fact that Investindustrial is also convinced of the opportunities that lie ahead for this market segment is a testament to it. the strength of this type of business, the strength of our private label product categories and the teams that work there every day. We look forward to seeing the company grow further in the future".

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EFA News - European Food Agency