Investindustrial has reached a definitive agreement to acquire TreeHouse Foods, the leading U.S. producer of private-label packaged foods, in a deal valued at $2.9 billion. The transaction — unanimously approved by the TreeHouse Foods board — is expected to close by the first quarter of 2026, according to a joint announcement.
Upon completion, TreeHouse Foods’ common shares will be delisted from the New York Stock Exchange, marking the company’s full exit from U.S. public markets. Shareholders will receive $22.5 per common share and a non-transferable contingent value right, representing a 38% premium over the company’s closing stock price on 26 September 2025.
Headquartered in Oak Brook, Illinois, TreeHouse Foods is also well known in Italy for its pasta brands Pasta Lensi — specializing in gluten-free, legume-based, and kamut pasta — and Pastificio Annoni, a producer of lasagne, cannelloni, and pizzoccheri. The deal was executed with the support of Deutsche Bank, Lazard, and RBC Capital Markets.
A STRATEGIC MOVE YEARS IN THE MAKING
Investindustrial had been eyeing TreeHouse Foods since 2022, initially considering a minority investment. In the years that followed, the U.S. company launched a significant restructuring plan, divesting its ready-to-eat cereals business to Post Holdings and expanding its pasta portfolio with several brands from Ebro Foods.
The acquisition aligns with Investindustrial’s broader strategy in the food sector, following its purchase — through Nexture — of the Portuguese ingredients group Frulact.
Andrea Bonomi (pictured), chairman of the industrial advisory board at Investindustrial, highlighted the strategic rationale and growth trajectory behind the acquisition. “The acquisition of TreeHouse Foods, which will operate independently within the Investindustrial portfolio, underscores the firm’s expertise in the food and beverage sector and highlights its strong presence in North America, where Investindustrial’s portfolio companies will have more than 85 production facilities and 16,000 employees following this transaction,” he said.
“We are confident in the long-term growth opportunities in private-label categories and in the segments where TreeHouse Foods operates, as well as in the company’s ability to strengthen its solid leadership. We look forward to working closely with TreeHouse Foods’ management team and employees to support its long-term success,” Bonomi added.
The acquisition marks one of Investindustrial’s largest moves in North America and positions the private-equity group as a major force in the global private-label food market.