Back in August, we reported that TreeHouse Foods would be selling a significant portion of its Meal Preparation business to Investindustrial. Now, the $950 million deal has been finalized, as the sale was recently completed and the business has been renamed as Winland Foods.
"The completion of this sale marks another important milestone for TreeHouse as we simplify our business to improve operational execution and accelerate growth," said Steve Oakland, Chief Executive Officer and President. "Our strategy is to focus on the higher growth and margin private label Snacking and Beverage categories that enhance our ability to capitalize on positive demand trends and drive long-term shareholder value."
Oakland continued, "We are grateful to our team and our partners at Investindustrial for their collaboration in ensuring a smooth closing and transition. We look forward to witnessing the future success of Winland Foods under Investindustrial's leadership as we continue to execute our plans for the new TreeHouse."
According to a press release, Evercore served as financial advisor to TreeHouse, and Gibson Dunn served as legal advisor. Centerview provided a fairness opinion to the Board of Directors. For Investindustrial, Lazard and Bank of America served as financial advisors and Kirkland & Ellis served as legal advisor.
As more strategic transactions take place in our industry, Deli Market News will be sure to report.