# TreeHouse Foods
**TreeHouse Foods, Inc.** is a North American manufacturer of private brand (store-brand) snacks and beverages, headquartered in Oak Brook, Illinois, that produces foods sold under the labels of retail grocery, foodservice, and co-pack customers rather than under its own consumer brands. Dean Foods Company established the firm as a legal entity on January 25, 2005 in order to carry out the spin-off of several specialty units to its shareholders; that transaction closed on June 27, 2005, and the company then functioned mainly as a private brands aggregator, buying new businesses and categories to broaden its product lines.[1](https://www.sec.gov/Archives/edgar/data/1320695/000132069525000007/ths-20241231.htm) It traded on the [New York Stock Exchange](https://www.edgepedia.org/new-york-stock-exchange) under the ticker THS until February 2026, when the European investment firm [Investindustrial](https://www.edgepedia.org/investindustrial) completed a $2.9 billion take-private acquisition.[2](https://www.sec.gov/Archives/edgar/data/1320695/000132069526000014/projecttaste-closingpressr.htm)
| Key fact | Detail |
|---|---|
| Founded | Incorporated January 25, 2005 by Dean Foods; spin-off completed June 27, 2005[1](https://www.sec.gov/Archives/edgar/data/1320695/000132069525000007/ths-20241231.htm) |
| Business | Private brands snacking and beverage manufacturer; products include crackers, pickles, coffee, refrigerated dough, pretzels, cookies, griddle items, tea, and candy[3](https://www.treehousefoods.com/our-foods-and-beverages/beverages/default.aspx) |
| 2024 net sales | $3,354.0 million, down 2.3% from $3,431.6 million in 2023[1](https://www.sec.gov/Archives/edgar/data/1320695/000132069525000007/ths-20241231.htm) |
| Customer concentration | Walmart and affiliates accounted for approximately 23.9% of 2024 consolidated net sales; no other customer exceeded 10%[1](https://www.sec.gov/Archives/edgar/data/1320695/000132069525000007/ths-20241231.htm) |
| Manufacturing | A network of 25 production facilities across the United States and Canada[4](https://www.treehousefoods.com/about-us/company-overview-1/default.aspx) |
| Largest acquisition | ConAgra's Private Brands business, $2.7 billion, closed February 1, 2016, nearly doubling the company[5](https://www.treehousefoods.com/news-and-media/press-release-details/2015/TreeHouse-Foods-to-Acquire-ConAgras-Private-Brands-Business-for-27-Billion/default.aspx) • [1](https://www.sec.gov/Archives/edgar/data/1320695/000132069525000007/ths-20241231.htm) |
| Take-private | Acquired by Investindustrial, completed February 11, 2026, at $22.50 per share plus one contingent value right; enterprise value $2.9 billion[2](https://www.sec.gov/Archives/edgar/data/1320695/000132069526000014/projecttaste-closingpressr.htm) |
## Products and operations
TreeHouse produces and sells a portfolio of private brand foods and beverages including crackers, non-dairy creamer, pickles, coffee, refrigerated dough, broths and stocks, hot cereal, pretzels, in-store bakery items, griddle products, cookies, cheese and pudding, powdered beverages, tea, and candy products, in shelf-stable, refrigerated, and frozen formats.[3](https://www.treehousefoods.com/our-foods-and-beverages/beverages/default.aspx) Across many categories it offers value and nutritional options, including organic and gluten-free products.[3](https://www.treehousefoods.com/our-foods-and-beverages/beverages/default.aspx)
The company operates 25 production facilities across the United States and Canada, with plants dedicated to specific categories: for example, Faison and Green Bay make pickles, Georgetown and Kitchener in Ontario make crackers, Hanover and [Lancaster](https://www.edgepedia.org/lancaster) in Pennsylvania make pretzels, [Brantford](https://www.edgepedia.org/brantford), Ontario makes frozen griddle products, and [Delta, British Columbia](https://www.edgepedia.org/delta-british-columbia) makes tea.[4](https://www.treehousefoods.com/about-us/company-overview-1/default.aspx) • [3](https://www.treehousefoods.com/our-foods-and-beverages/beverages/default.aspx) Customers span retail grocery, warehouse and club stores, e-commerce, foodservice distributors, and industrial, ingredient, export, and co-pack channels.[4](https://www.treehousefoods.com/about-us/company-overview-1/default.aspx) Net sales from customers outside the United States were approximately 5% in 2024, almost all in Canada.[6](https://www.treehousefoods.com/news-and-media/press-release-details/2025/TreeHouse-Foods-Implements-Planned-Operational-Enhancement-Actions/default.aspx)
## Growth by acquisition, 2005 to 2016
The company was created by former Keebler executives including Sam K. Reed, who concluded that private label foods offered an opportunity to apply branded-food experience to store brands.[7](https://www.foodprocessing.com/business-of-food-beverage/business-strategies/article/11364611/processor-of-the-year-treehouse-foods-food-processing) Its first acquisition, in 2006, was the private label soup and infant feeding business from Del Monte, which added the Nature's Goodness baby food line.[7](https://www.foodprocessing.com/business-of-food-beverage/business-strategies/article/11364611/processor-of-the-year-treehouse-foods-food-processing)
**The ConAgra deal.** In November 2015 TreeHouse agreed to acquire ConAgra Foods' private brands operations for $2.7 billion, funded by roughly $1.8 billion in new debt and about $1.0 billion in equity issuance. The private brands business had sales of approximately $3.6 billion for the twelve months ended May 31, 2015; the combined entity was projected to have annual sales of nearly $7 billion, adjusted EBITDA of approximately $690 million, more than 50 manufacturing facilities, and over 16,000 employees.[5](https://www.treehousefoods.com/news-and-media/press-release-details/2015/TreeHouse-Foods-to-Acquire-ConAgras-Private-Brands-Business-for-27-Billion/default.aspx) The acquisition closed on February 1, 2016 and, per the company's 10-K, represented the largest acquisition in its history, nearly doubling the size of the company.[1](https://www.sec.gov/Archives/edgar/data/1320695/000132069525000007/ths-20241231.htm) The business had been Ralcorp Holdings, ConAgra's former private-label operation.[8](https://www.sec.gov/Archives/edgar/data/1320695/000119312516432972/d114595dex993.htm)
## Restructuring and divestitures, 2021 to 2023
The years after the ConAgra acquisition were financially difficult. Food Processing reported that TreeHouse, once the largest private label manufacturer in the country with $6.3 billion in sales in 2017, was in the red every year from 2016 except 2020, when it earned a $14 million profit.[9](https://www.foodprocessing.com/business-of-food-beverage/business-strategies/article/21437948/treehouse-foods-back-in-fighting-shape-after-16-billion-divestiture) From 2021 the company pursued a strategy of selling lower-growth categories to focus on snacking and beverages:
- **Ready-to-eat cereal**, sold to Post Holdings on June 1, 2021 for a purchase price of $85 million, including two plants in Lancaster, Ohio and [Sparks, Nevada](https://www.edgepedia.org/sparks-nevada).[10](https://www.treehousefoods.com/news-and-media/press-release-details/2021/TreeHouse-Foods-Completes-Sale-of-Ready-to-Eat-Cereal-Business-to-Post-Holdings/default.aspx)
- **Meal Preparation business**, a significant portion sold to Investindustrial for $950 million, announced August 11, 2022 and closed October 3, 2022. The price paid included roughly $527.5 million paid in cash, with the remaining roughly $422.5 million structured as a secured seller promissory note maturing in five years that carried 10% interest during its first two years, rising to 13% after that. The divested categories included pasta, dressings, preserves, red sauces, syrup, dry blends and baking, dry dinners, pie filling, and pita chips; the business was renamed Winland Foods.[11](https://www.sec.gov/Archives/edgar/data/1320695/000132069522000178/ths-20221003.htm) • [9](https://www.foodprocessing.com/business-of-food-beverage/business-strategies/article/21437948/treehouse-foods-back-in-fighting-shape-after-16-billion-divestiture)
- **Snack Bars business**, sold to John B. Sanfilippo & Son on September 29, 2023 for approximately $58.7 million in cash, including the Lakeville, Minnesota plant.[1](https://www.sec.gov/Archives/edgar/data/1320695/000132069525000007/ths-20241231.htm)
The company also added capabilities in this period. In June 2023 it acquired the Direct Ship coffee business and the Northlake, Texas coffee facility from Farmer Brothers Company for approximately $90.6 million, bringing roasting, grinding, flavoring, and blending capabilities to complement its single-serve pod and ready-to-drink coffee businesses.[1](https://www.sec.gov/Archives/edgar/data/1320695/000132069525000007/ths-20241231.htm) In January 2024 it bought pickle branded assets including Bick's, Habitant, Woodman's, and McLarens from The J.M. Smucker Co. to expand its pickles category into Canada.[1](https://www.sec.gov/Archives/edgar/data/1320695/000132069525000007/ths-20241231.htm)
## Shareholder activism and the 2022 strategic review
The activist investment firm JANA Partners pressured TreeHouse for more than a year to consider strategic options including selling the entire company, and in March 2022 the company announced a strategic review focused on building depth in its higher-growth Snacking & Beverages business while exploring divestitures of the Meal Preparation business.[12](https://www.axios.com/2022/03/15/treehouse-foods-auction-financing) • [13](https://www.treehousefoods.com/news-and-media/press-release-details/2022/TreeHouse-Foods-Provides-Update-on-Strategic-Review-Process/default.aspx) In 2022 JANA partner Scott Ostfeld was appointed to the TreeHouse board.[14](https://www.treehousefoods.com/news-and-media/press-release-details/2022/TreeHouse-Foods-Names-Scott-Ostfeld-to-Board-of-Directors/default.aspx)
## The 2024 listeria recall
On October 18, 2024, TreeHouse initiated a voluntary recall of certain frozen waffle products produced at its Brantford, Ontario facility due to the potential for contamination with [Listeria monocytogenes](https://www.edgepedia.org/listeria-monocytogenes), discovered during routine testing at the plant. On October 22, 2024, the recall was expanded to include all waffle, [Belgian waffle](https://www.edgepedia.org/belgian-waffle), and pancake products manufactured at the Brantford facility still within their shelf life.[15](https://www.fda.gov/safety/recalls-market-withdrawals-safety-alerts/treehouse-foods-announces-expansion-voluntary-recall-include-all-waffle-and-pancake-products-due) The recalled products were sold under hundreds of store brands, including Walmart's Great Value, Target's Good & Gather, Kroger's Simple Truth, Publix, Wegmans, and [Trader Joe's](https://www.edgepedia.org/trader-joes).[15](https://www.fda.gov/safety/recalls-market-withdrawals-safety-alerts/treehouse-foods-announces-expansion-voluntary-recall-include-all-waffle-and-pancake-products-due) • [16](https://apnews.com/article/8b29f6e3b03422a89dbe6cb77b903cf7) No confirmed illnesses were linked to the recall.[16](https://apnews.com/article/8b29f6e3b03422a89dbe6cb77b903cf7) The recall reduced 2024 net sales by $22.0 million in product returns and cut gross margin by 1.1 percentage points.[1](https://www.sec.gov/Archives/edgar/data/1320695/000132069525000007/ths-20241231.htm)
## Financial performance and the Investindustrial acquisition
For 2024, net sales were $3,354.0 million, down 2.3% from $3,431.6 million in 2023, driven by commodity-driven pricing adjustments, the broth facility restoration, the griddle recall, and planned distribution exits, partially offset by the coffee roasting acquisition and new business wins.[1](https://www.sec.gov/Archives/edgar/data/1320695/000132069525000007/ths-20241231.htm) In January 2025 the company completed the acquisition of Harris Tea, a leading U.S. private brand tea manufacturer, for approximately $205.0 million, adding facilities in Moorestown, New Jersey and [Marietta, Georgia](https://www.edgepedia.org/marietta-georgia).[1](https://www.sec.gov/Archives/edgar/data/1320695/000132069525000007/ths-20241231.htm)
In the third quarter of 2025 TreeHouse reported net sales of $840.3 million, up 0.1% year over year, and a net loss of $265.8 million that included a non-cash goodwill impairment loss of $289.7 million; adjusted EBITDA was $91.6 million.[17](https://www.treehousefoods.com/news-and-media/press-release-details/2025/TreeHouse-Foods-Inc--Reports-Third-Quarter-2025-Results/default.aspx) The same day, November 10, 2025, the company announced a definitive merger agreement under which Investindustrial, an independently managed investment subsidiary of Investindustrial VIII SCSp, would acquire TreeHouse in an all-cash transaction at a total enterprise value of $2.9 billion.[17](https://www.treehousefoods.com/news-and-media/press-release-details/2025/TreeHouse-Foods-Inc--Reports-Third-Quarter-2025-Results/default.aspx) • [18](https://www.sec.gov/Archives/edgar/data/1320695/000132069525000112/ths-20251110.htm)
The deal closed on February 11, 2026. Shareholders received $22.50 per share in cash, an equity value of $1.2 billion representing a 38% premium to the closing price on September 26, 2025, the last full trading day before market speculation about a transaction, plus one non-transferable contingent value right per share tied to potential net proceeds from TreeHouse's litigation against [Green Mountain Coffee Roasters](https://www.edgepedia.org/green-mountain-coffee-roasters) relating to part of its coffee business. TreeHouse common stock was delisted from the New York Stock Exchange and the company became private.[2](https://www.sec.gov/Archives/edgar/data/1320695/000132069526000014/projecttaste-closingpressr.htm) FoodNavigator reported that the stock had fallen from an all-time high of $104.35 in 2016 to $24.43 before the acquisition, and that the deal reunites TreeHouse with its former Meal Prep division, now operating as Winland Foods.[19](https://www.foodnavigator.com/Article/2026/02/12/investindustrial-buys-treehouse-foods-for-29b-taking-private-label-giant-private/)
## References
1. [TreeHouse Foods, Inc. Form 10-K for the year ended December 31, 2024, SEC](https://www.sec.gov/Archives/edgar/data/1320695/000132069525000007/ths-20241231.htm)
2. [Investindustrial Completes Acquisition of TreeHouse Foods, SEC Exhibit 99.1, February 11, 2026](https://www.sec.gov/Archives/edgar/data/1320695/000132069526000014/projecttaste-closingpressr.htm)
3. [TreeHouse Foods, Our Snacks and Beverages](https://www.treehousefoods.com/our-foods-and-beverages/beverages/default.aspx)
4. [TreeHouse Foods, About Us, Company Overview](https://www.treehousefoods.com/about-us/company-overview-1/default.aspx)
5. [TreeHouse Foods to Acquire ConAgra's Private Brands Business for $2.7 Billion, November 2, 2015](https://www.treehousefoods.com/news-and-media/press-release-details/2015/TreeHouse-Foods-to-Acquire-ConAgras-Private-Brands-Business-for-27-Billion/default.aspx)
6. [TreeHouse Foods Implements Planned Operational Enhancement Actions, April 10, 2025](https://www.treehousefoods.com/news-and-media/press-release-details/2025/TreeHouse-Foods-Implements-Planned-Operational-Enhancement-Actions/default.aspx)
7. [Processor of the Year: TreeHouse Foods, Food Processing](https://www.foodprocessing.com/business-of-food-beverage/business-strategies/article/11364611/processor-of-the-year-treehouse-foods-food-processing)
8. [TreeHouse Foods EX-99.3, Stock Purchase Agreement with ConAgra Foods, SEC](https://www.sec.gov/Archives/edgar/data/1320695/000119312516432972/d114595dex993.htm)
9. [TreeHouse Foods Back in Fighting Shape After $1.6 Billion Divestiture, Food Processing, November 30, 2022](https://www.foodprocessing.com/business-of-food-beverage/business-strategies/article/21437948/treehouse-foods-back-in-fighting-shape-after-16-billion-divestiture)
10. [TreeHouse Foods Completes Sale of Ready-to-Eat Cereal Business to Post Holdings, June 1, 2021](https://www.treehousefoods.com/news-and-media/press-release-details/2021/TreeHouse-Foods-Completes-Sale-of-Ready-to-Eat-Cereal-Business-to-Post-Holdings/default.aspx)
11. [TreeHouse Foods Form 8-K, October 3, 2022, completion of Meal Preparation sale, SEC](https://www.sec.gov/Archives/edgar/data/1320695/000132069522000178/ths-20221003.htm)
12. [TreeHouse Foods' auction update points to grim M&A financing scene, Axios, March 15, 2022](https://www.axios.com/2022/03/15/treehouse-foods-auction-financing)
13. [TreeHouse Foods Provides Update on Strategic Review Process, March 14, 2022](https://www.treehousefoods.com/news-and-media/press-release-details/2022/TreeHouse-Foods-Provides-Update-on-Strategic-Review-Process/default.aspx)
14. [TreeHouse Foods Names Scott Ostfeld to Board of Directors, 2022](https://www.treehousefoods.com/news-and-media/press-release-details/2022/TreeHouse-Foods-Names-Scott-Ostfeld-to-Board-of-Directors/default.aspx)
15. [TreeHouse Foods Announces Expansion of Voluntary Recall to Include All Waffle and Pancake Products, FDA, October 22, 2024](https://www.fda.gov/safety/recalls-market-withdrawals-safety-alerts/treehouse-foods-announces-expansion-voluntary-recall-include-all-waffle-and-pancake-products-due)
16. [Hundreds of frozen waffle products recalled due to possible listeria contamination, AP News, October 2024](https://apnews.com/article/8b29f6e3b03422a89dbe6cb77b903cf7)
17. [TreeHouse Foods, Inc. Reports Third Quarter 2025 Results, November 10, 2025](https://www.treehousefoods.com/news-and-media/press-release-details/2025/TreeHouse-Foods-Inc--Reports-Third-Quarter-2025-Results/default.aspx)
18. [TreeHouse Foods Form 8-K, Agreement and Plan of Merger dated November 10, 2025, SEC](https://www.sec.gov/Archives/edgar/data/1320695/000132069525000112/ths-20251110.htm)
19. [Investindustrial buys TreeHouse Foods for $2.9B, taking private-label giant private, FoodNavigator, February 12, 2026](https://www.foodnavigator.com/Article/2026/02/12/investindustrial-buys-treehouse-foods-for-29b-taking-private-label-giant-private/)
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*Topic: Encyclopedia › Technology and the built world › Engineering and manufacturing › Manufacturing industries and companies › Food, beverage, and tobacco companies*
*Initially written Sep 17, 2026 · Reviewed: Oct 15, 2026 · Edited: Oct 15, 2026 · Last review: Oct 15, 2026*
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