TreeHouse Foods, Inc. (THS) entered a merger agreement on November 10, 2025, to be acquired by Industrial F&B Investments III Inc. (Investindustrial) for $2.9 billion.
TreeHouse Foods shareholders will receive $22.5 per share in cash for each share of common stock owned at closing, and one non-transferable Contingent Value Right (CVR) per common share.
The CVR will provide holders with an opportunity to receive, on a per unit basis, 85% of net proceeds, if any are recovered, from the ongoing TreeHouse Foods, Inc. et al. v. Green Mountain Coffee Roasters, Inc. et al. litigation.
The upfront cash payment of $22.5 per share represents a premium of 18.11% from the stock’s last close.
TreeHouse Foods is a leading North American manufacturer and distributor of private-label snacks and beverages, offering a broad range of products across meal preparation, snacking, and beverage categories to retail, foodservice, and industrial customers.
InvestIndustrial is a European investment group with over €17 billion in capital, specializing in providing mid-market companies with growth capital, industrial expertise, and global platforms to drive sustainable value creation.
The deal is expected to close in the first quarter of 2026.
JANA Partners, which holds approximately 10% of TreeHouse Foods’ common stock, has entered into a customary voting agreement to support the proposed transaction.
In February 2014, TreeHouse Foods and its subsidiaries, Bay Valley Foods and Sturm Foods, filed a lawsuit against Keurig Green Mountain (a subsidiary of Keurig Dr Pepper Inc. (KDP)) in the U.S. District Court for the Southern District of New York.
TreeHouse claimed that Keurig had violated federal and state antitrust and unfair competition laws by monopolizing the markets for single-serve coffee brewers and coffee pods. The company is seeking money damages, court orders to stop the alleged behavior, and payment of attorneys’ fees.
In August 2020, TreeHouse’s experts estimated damages between $719.4 million and $1.5 billion for the antitrust claims (before any possible tripling by the court) and $358 million for certain false advertising claims. The case is still ongoing.
Goldman Sachs and Jones Day are serving as TreeHouse Foods’ financial and legal advisors, respectively. Lazard, RBC Capital Markets, and Deutsche Bank are providing financial advisory services to Investindustrial, while Skadden, Arps, Slate, Meagher & Flom is acting as its legal counsel.
Investindustrial is paying 7.44 times EBITDA for TreeHouse Foods.
For more in-depth insights into this merger and acquisition transaction, please visit the Deal Metrics page linked here:
The Deal Metrics page for each merger or acquisition includes:
– A spread history chart of the merger from announcement through eventual completion or failure.
– Every event as the merger progresses through the expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
– News and SEC filings.
– A history of deal updates.
– And a whole lot more.
Disclaimer: The information provided in this article is for informational purposes only. Please conduct your own research and consult with a qualified professional before making any investment decisions. The accuracy and completeness of the data provided in this article are not guaranteed.
Editor’s Note: Baranjot Kaur contributed to this article