Monday, June 30, 2014

TreeHouse Foods to aquire snack firm Flagstone Foods for $860 million

(Bloomberg) — TreeHouse Foods Inc., which makes private-label foods for retailers, agreed to buy Flagstone Foods for $860 million to expand in healthy snacks such as dried fruits.

The all-cash deal will add 24 cents to 28 cents in the first full year after completion, Oak Brook, Illinois-based TreeHouse said in a statement today. The final price to be paid to private-equity firm Gryphon Investors and other shareholders is subject to an adjustment of working capital, TreeHouse said.

St. Paul, Minnesota-based Flagstone holds the No. 1 private-label position in the trail mix and dried fruit categories and generated $697 million in sales for the year ended Dec. 28, TreeHouse said. TreeHouse has acquired at least six food companies in the past four years to add products including soups and broths, according to data compiled by Bloomberg.

Gryphon formed Flagstone in November 2010 when it acquired private label trail mix and nuts company Ann's House of Nuts and private label dried fruit maker American Importing Co. and combined them.
TreeHouse makes non-dairy powdered creamers and sweeteners, specialty teas and cereals.

Operating companies

Amport Foods

Minneapolis, MN

Prior to Gryphon Investors ownership, Amport Foods was a privately held, 3rd generation family business. Founded in 1962 with one product – dates - Amport Foods is now the #1 private brand dried fruit supplier in North America, supplying hundreds of products made with the highest quality ingredients from the U.S. and around the world. Amport’s cutting-edge processing and packaging facilities are based in Minneapolis, MN, with distribution centers in the East, West, and Central U.S.. Amport is Organic Certified and certified by numerous Fortune 500 Companies.

Visit Amport Foods website >>

Ann's House of Nuts

Robersonville, NC

Founded in 1973 by Ann Zinke as a home business, Ann’s House of Nuts has evolved into the #1 private brand trail mix supplier in the U.S. With a state-of-the-art production facility in Robersonville, NC, Ann’s House of Nuts is dedicated to providing the highest quality products, innovation, exceptional customer service and value. This is what has built Ann’s House of Nuts into the fast-paced, successful, and rapidly-growing snack food company that it is today.

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