European private equity firm Investindustrial has agreed to acquire TreeHouse Foods, a leading North American private-label snacks and beverage manufacturer, in an all-cash deal valuing the company at $2.9bn including debt.

Under the agreement, TreeHouse shareholders will receive $22.50 per share in cash and one Contingent Value Right (CVR) tied to potential recoveries from the company’s ongoing antitrust litigation against Keurig Green Mountain. The offer represents a 38% premium to TreeHouse’s closing share price on 26 September 2025, prior to reports of a potential sale.

The transaction, unanimously approved by TreeHouse’s board, is expected to close in the first quarter of 2026, subject to shareholder and regulatory approvals. Once completed, TreeHouse will be taken private and integrated into Investindustrial’s expanding food and beverage portfolio.

Andrea C. Bonomi, Chairman of Investindustrial’s Industrial Advisory Board, said: “The acquisition of TreeHouse Foods, which will operate independently within Investindustrial’s portfolio, underscores the firm’s expertise in food and beverage and highlights its strong presence in North America, where Investindustrial portfolio companies will have a total of over 85 manufacturing plants and 16,000 employees, following the acquisition of TreeHouse Foods.”

Founded in 2005 and headquartered in Illinois, TreeHouse Foods supplies private-label snacks, coffee, and beverages to major retail and foodservice clients across North America. The deal underscores growing private equity interest in private-label and consumer packaged goods, a sector benefiting from strong post-pandemic demand and inflation-driven shifts in consumer behaviour.

The transaction is backed by financing from RBC Capital Markets, Deutsche Bank, and KKR Capital Markets.

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