TreeHouse Foods completes C$170M acquisition of Toronto-based Protenergy Natural Foods, a developer and manufacturer of premium quality food and beverage products, namely private-label broth, soups and gravies
OAK BROOK, Illinois
May 30, 2014
– TreeHouse Foods, Inc. (NYSE: THS) today announced the completion of the previously announced acquisition of Protenergy Natural Foods, an industry leading developer and manufacturer of premium quality food and beverage products, namely private label broth, soups and gravies. Protenergy Natural Foods had sales of approximately CAD $130 million for the twelve months ended December 31, 2013. TreeHouse paid CAD $170 million (approximately US $150 million) in cash for the business, subject to an adjustment for working capital, and financed the transaction under its existing credit facility.
The Company confirmed that the transaction is expected to have approximately $0.05 to $0.07 impact on 2014 earnings per share and to add approximately $0.11 to $0.14 in EPS in 2015.
ABOUT PROTENERGY NATURAL FOODS
Protenergy Natural Foods Corporation is a technologically advanced innovative manufacturer of premium quality natural food and beverage products. The company is centrally located in the Greater Toronto area and provides innovative product development expertise. Its state-of-the-art manufacturing facility enables customers to receive products of the highest quality; costs savings based on economies of scale and a highly efficient manufacturing process; and improved shelf life due to process and fully integrated operations. More information is available at www.protenergyfoods.com.
ABOUT TREEHOUSE FOODS
TreeHouse is a food manufacturer servicing primarily the retail grocery and foodservice distribution channels. Our products include non-dairy powdered creamers and sweeteners; condensed, ready to serve and powdered soups; refrigerated and shelf stable salad dressings and sauces; powdered drink mixes; single serve hot beverages; specialty teas; hot and cold cereals; macaroni and cheese, skillet dinners, and other value-added side dishes and salads; salsa and Mexican sauces; jams and pie fillings; pickles and related products; aseptic sauces; and liquid non-dairy creamer. We believe we are the largest manufacturer of pickles and non-dairy powdered creamer in the United States, and the largest manufacturer of private label salad dressings, powdered drink mixes, and instant hot cereals in the United States and Canada, based on sales volume.
Additional information, including TreeHouse's most recent statements on Forms 10-Q and 10-K, may be found at TreeHouse Foods' website, http://www.treehousefoods.com.