TreeHouse Foods is still hungry, announcing plans this morning to acquire private-label healthy snack maker Flagstone Foods for $860 million in cash.
Oak Brook, Ill.-based TreeHouse, whose portfolio includes a private-label soup operation at the former Heinz plant on Pittsburgh’s North Side, has made a habit of growing through acquisition. The deal for St. Paul, Minn.-based Flagstone Foods is the second purchase that TreeHouse has announced this year.
Expected to close in the third quarter, the latest deal brings with it 1,365 employees and two plants — one in Minneapolis and the other in Roberson, N.C., according to the company’s announcement. Flagstone, which reported sales of $697 million last year, is the top private-label manufacturer of trail mix and dried fruit snacks, TreeHouse said.
Earlier this year, the company made a deal to spend $150 million to buy Protenergy Natural Foods, a Toronto-based company with sales of about $118 million.
Teresa F. Lindeman: email@example.com or at 412-263-2018. First Published June 30, 2014 12:00 AM