M&A · Industrials · Canned, Frozen & Preservd Fruit, Veg & Food Specialties
Industrial F&B Investments II, Inc. to acquire TreeHouse Foods, Inc.
Announced Nov 12, 2025 · Closed Feb 11, 2026
Deal value$1.14BEV $2.62B
Premium38.0%To unaffected price
EV / Adj. EBITDA—0.8x EV / Revenue
ConsiderationAll cash$22.50 per share
Transaction
- Acquirer
- Industrial F&B Investments II, Inc.
- Target
- TreeHouse Foods, Inc.
- Buyer type
- Strategic
- Offer price per share
- $22.50
- Enterprise value
- $2.62B
- Status
- Closed Feb 11, 2026
Deal protections
- Break fee (target pays)
- $40.8M · 3.6%
- Reverse fee (buyer pays)
- $81.5M · 7.2%
- Go-shop
- No-shop
- Financing
- Committed · RBC Capital Markets, Deutsche Bank
Advisors
- To the acquirer
- Not disclosed
- To the target
- Goldman Sachs
- Goldman Sachs fee
- $1.5M
Sector context · Industrials
- Comparable deals
- 97 in the prior 24 months
- Premium
- 38.0% vs. 38.0% sector median
- EV / Adj. EBITDA
- Sector median 9.6x
- Break fee
- 3.6% vs. 2.5% sector median
Timeline
- AnnouncedNov 12, 2025
- Proxy filedDec 17, 2025
- Definitive proxyDec 29, 2025
- Shareholder voteJan 29, 2026
- ClosedFeb 11, 2026
Valuation · fairness opinions
Discounted cash flow$20.51$28.10
Discounted cash flow$20.22$27.81
Discounted cash flow$31.67$39.26
Future share price$20.00$29.41
Future share price$19.72$29.12
Offer $22.50
Implied value per TreeHouse Foods, Inc. share by analysis, from Goldman Sachs · DCF discount rate 7.5%–8.5%.