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M&A Deal Summary

TreeHouse Foods Acquires S.T. Specialty Foods

On September 13, 2010, TreeHouse Foods acquired food company S.T. Specialty Foods from Windjammer Capital for 180M USD

Acquisition Highlights
  • This is TreeHouse Foods’ 5th transaction in the Food sector.
  • This is TreeHouse Foods’ 7th largest (disclosed) transaction.
  • This is TreeHouse Foods’ 5th transaction in the United States.
  • This is TreeHouse Foods’ 1st transaction in Minnesota.

M&A Deal Summary
Date 2010-09-13
Target S.T. Specialty Foods
Sector Food
Buyer(s) TreeHouse Foods
Sellers(s) Windjammer Capital
Deal Type Add-on Acquisition
Deal Value 180M USD
Advisor(s) Houlihan Lokey (Financial)
Choate Hall & Stewart (Legal)

Target

S.T. Specialty Foods

Brooklyn Park, Minnesota, United States
S.T. Specialty Foods, Inc. is a manufacturer of private label and store branded, dry shelf-stable dinners, which include macaroni and cheese dinners, add-meat skillet dinners, rice dinners, and meatless side dishes. S.T. sells products to food retailers and wholesalers, and has leveraged its leadership in private label macaroni and cheese into a rapidly growing position in the dry-dinner category.

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Buyer(S) 1

Buyer

TreeHouse Foods

Oak Brook, Illinois, United States
Category Company
Founded 1862
Sector Food
Employees7,400
Revenue 3.4B USD (2024)
DESCRIPTION
TreeHouse Foods' corporate headquarters based in Oak Brook, Illinois.
TreeHouse Foods' corporate headquarters based in Oak Brook, Illinois.

TreeHouse Foods is a food manufacturer servicing primarily the retail grocery and foodservice channels. Its major product lines include non-dairy powdered creamer; canned soup, refrigerated and shelf stable salad dressings and sauces; powdered drink mixes; instant oatmeal and hot cereals; macaroni and cheese, skillet dinners and other value-added side dishes and salads; salsa and Mexican sauces; jams and pie fillings under the E.D. Smith brand name; pickles and related products; and other food products including aseptic sauces and liquid non-dairy creamer. TreeHouse Foods was founded in 1862 and is based in Oak Brook, Illinois.

DEAL STATS #
Overall 5 of 14
Sector (Food) 5 of 13
Type (Add-on Acquisition) 3 of 9
State (Minnesota) 1 of 2
Country (United States) 5 of 12
Year (2010) 2 of 2
Size (of disclosed) 7 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-03-02 Sturm Foods

Manawa, Wisconsin, United States

Sturm Foods, Inc. is a private label manufacturer of sugar free powdered drink mixes, hot cereals and other dry mix products to the retail and foodservice channels. The sugar free powdered drink mixes are offered in a variety of flavors and also include energy, isotonic and nutraceutical products.

Buy $600M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-03-21 Naturally Fresh

Platteville, Wisconsin, United States

Naturally Fresh, Inc. is a manufactures refrigerated and shelf stable dressings, dips, and sauces in a variety of packaging formats and sizes, including single serve cups and pouches, tubs, retail glass and multi-serve food away from home sizes.

Buy $25M

Seller(S) 1

SELLER

Windjammer Capital

Newport Beach, California, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1990
PE ASSETS 2.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Windjammer Capital is a private investment firm that invests control equity, minority equity, and/or subordinated debt in growing middle-market businesses. The Firm seeks to invest between $50 and $200 million of equity or subordinated debt in companies that generate at least $8 million of EBITDA. Windjammer focuses on North American-based opportunities and prefers companies with scalable business models, differentiated products/services, and that operate in defensible markets. Broad sectors of interest include manufacturing, business services and value-added distribution. Windjammer does not invest in high technology, real estate, and financial services companies. Windjammer Capital was formed in 1990 and has offices in Waltham, Massachusetts and Newport Beach, California.

DEAL STATS #
Overall 13 of 26
Sector (Food) 1 of 1
Type (Add-on Acquisition) 5 of 10
State (Minnesota) 3 of 3
Country (United States) 13 of 26
Year (2010) 3 of 4
Size (of disclosed) 6 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-09-01 Schutt Sports

Litchfield, Illinois, United States

Schutt Sports, Inc. is a manufacturer and provider of football, softball, baseball and basketball equipment to the youth, high school, college and professional markets.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-10-31 MacLean Power Systems

Fort Mill, South Carolina, United States

MacLean Power Systems is a manufacturer of products used by utilities for building transmission and distribution lines and substations. MPS product families include hardware and connection products as well as insulation and protection products. MacLean Power Systems was founded in 1925 and is based in Fort Mill, South Carolina.

Sell -
Mergr

Product

Company

Legal