John B. Sanfilippo & Son, Inc. signed a definitive agreement to acquire Certain Assets Relating to the Snack Bars Business Unit of TreeHouse Foods, Inc. for $63 million.
September 05, 2023
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John B. Sanfilippo & Son, Inc. (NasdaqGS:JBSS) signed a definitive agreement to acquire certain assets relating to the Snack Bars Business Unit of TreeHouse Foods, Inc. (NYSE:THS) for approximately $63 million on September 5, 2023. The purchase price paid in cash, is subject to certain post-closing adjustments. The acquired assets include inventory, a manufacturing facility and related equipment located in Lakeville, Minnesota, and product formulas.
The transaction is expected to be dilutive to earnings per share for the next twelve to fifteen months after the closing of the acquisition. The purchase price for the acquisition will be funded from excess availability under John B. Sanfilippo & Son's current bank credit facility. The acquisition is expected to close within the next 30 days, subject to customary closing conditions.
TreeHouse Foods, Inc. is a manufacturer and distributor of private label foods and beverages in North America. The Company's portfolio includes beverage and drink mix offerings, which include non-dairy creamer, coffee, broths/stocks, powdered beverages and other blends, tea, and ready-to-drink-beverages, and grocery offerings, which include pickles, refrigerated dough, hot cereal, and cheese and pudding. The Company sells its products to retail, co- manufacturing, and food-away-from-home customers in shelf-stable, refrigerated, and frozen formats. It also offers its customers a range of value and nutritional solutions, including natural, organic, and gluten-free products. It owns pickle branded assets, including Bick's pickles, Habitant pickled beets, Woodman's horseradish and McLarens pickled onion brands. The Company sells its products through various distribution channels, including retailers, food service distributors, co-manufacturers, and industrial and export channels.
John B. Sanfilippo & Son, Inc. signed a definitive agreement to acquire Certain Assets Relating to the Snack Bars Business Unit of TreeHouse Foods, Inc. for $63 million.