TreeHouse Foods, Inc., a leading North American private-label snacks and beverages manufacturer, announced today that it has entered into a definitive agreement to be acquired by Investindustrial for a total enterprise value of $2.9 billion. The all-cash transaction will take TreeHouse Foods private, marking one of the largest food-sector acquisitions of 2025.
Under the terms of the agreement, TreeHouse shareholders will receive $22.50 per share in cash and one contingent value right (CVR) per share. The CVR gives holders the opportunity to receive a portion of any net proceeds that may result from ongoing antitrust litigation related to TreeHouse’s coffee business. The cash offer represents a 38% premium to TreeHouse’s closing share price on September 26, 2025—the last trading day before speculation about a potential sale—and a 29% premium to its 30-day volume-weighted average price.
Investindustrial, a leading European investment group with over €17 billion in raised capital, will integrate TreeHouse Foods into its expanding global food and beverage portfolio. Following the acquisition, Investindustrial’s portfolio companies will encompass more than 85 manufacturing plants and 16,000 employees across North America.
TreeHouse Foods’ Board of Directors unanimously approved the transaction, which is expected to close in the first quarter of 2026, subject to shareholder and regulatory approvals. JANA Partners LLC, a 10% shareholder, has agreed to vote in favor of the merger.
“This agreement with Investindustrial provides our shareholders with immediate, compelling cash value and supports our vision of building a focused, agile private-brand leader in snacks and beverages,” said Steve Oakland, Chairman, President, and CEO of TreeHouse Foods. “Investindustrial’s deep experience in food manufacturing and its long-term investment approach will help position TreeHouse for continued success.”
Linda Massman, Lead Independent Director of TreeHouse’s Board, added: “The Board carefully evaluated all strategic alternatives and determined this transaction represents the best path to maximize value for our shareholders.”
Andrea C. Bonomi, Chairman of Investindustrial’s Industrial Advisory Board, stated: “TreeHouse Foods is a strong addition to our food and beverage portfolio. We have tremendous respect for Steve and his team and look forward to supporting their continued growth. We are confident in TreeHouse’s ability to capitalize on the long-term opportunities in private brands.”
Upon completion of the deal, TreeHouse Foods will delist from the New York Stock Exchange and operate as a privately held company under Investindustrial’s ownership.
The agreement also includes a contingent value right related to TreeHouse’s ongoing lawsuit against Keurig Green Mountain, Inc., a subsidiary of Keurig Dr Pepper. The case, filed under federal and state antitrust laws, alleges monopolization of the single-serve coffee market. Economic experts previously estimated potential damages of $719 million to $1.5 billion for antitrust claims, before trebling.
Advisors to the transaction include Goldman Sachs & Co. for TreeHouse Foods, with Jones Day providing legal counsel. Lazard, RBC Capital Markets, and Deutsche Bank are advising Investindustrial, supported by KKR Capital Markets for financing. Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal counsel to Investindustrial.
TreeHouse Foods’ third-quarter 2025 results were released separately. In light of the transaction, the company canceled its scheduled earnings call and withdrew its previous financial guidance.