TreeHouse Foods, Inc. completed the acquisition of Direct Ship Business, Including its Northlake, Texas Facility, of Farmer Bros. Co. for $90.6 million.
June 29, 2023
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TreeHouse Foods, Inc. (NYSE:THS) entered into a definitive agreement to acquire Direct Ship Business, Including Northlake, Texas Facility, of Farmer Bros. Co. (NasdaqGS:FARM) for $100 million on June 6, 2023. The consideration payable in cash in cash, is subject to customary working capital and certain other adjustments. TreeHouse Foods will also assume select customer relationships and retain approximately 180 team members from Farmer Brothers to support operations at the facility. The Purchase Agreement contains specified termination rights for the parties, including a mutual termination right in the event the closing has not occurred on or prior to September 30, 2023. The sale is subject to customary closing conditions and is currently expected to close within the next 60 days. Farmer Bros expects to use the proceeds from the sale to pay down outstanding debt associated with its asset-based lending (ABL) and retire its term loan. Charlie Haag, Ben Chrisman and Jennifer Ybarra Taylor of Winston & Strawn LLP acted as legal advisor to Farmer Brothers. Jonathan Whalen and Jeffrey A. Chapman of Gibson, Dunn & Crutcher LLP acted as legal advisor to TreeHouse Foods, Inc.
TreeHouse Foods, Inc. (NYSE:THS) completed the acquisition of Direct Ship Business, Including Northlake, Texas Facility, of Farmer Bros. Co. (NasdaqGS:FARM) for $90.6 million on June 30, 2023. The acquisition was funded by borrowings from $500 million Revolving Credit Facility. Total consideration transferred of $90.6 million post Purchase price adjustment.
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.
TreeHouse Foods, Inc. completed the acquisition of Direct Ship Business, Including its Northlake, Texas Facility, of Farmer Bros. Co. for $90.6 million.
TREEHOUSE FOODS, INC. 
