M&A Deal Summary

TreeHouse Foods Acquires Flagstone Foods

On June 30, 2014, TreeHouse Foods acquired food company Flagstone Foods from Prospect Capital Management, Constitution Capital Partners and Gryphon Investors for 860M USD

Acquisition Highlights
  • This is TreeHouse Foods’ 9th transaction in the Food sector.
  • This is TreeHouse Foods’ 2nd largest (disclosed) transaction.
  • This is TreeHouse Foods’ 8th transaction in the United States.
  • This is TreeHouse Foods’ 2nd transaction in Minnesota.

M&A Deal Summary
Date 2014-06-30
Target Flagstone Foods
Sector Food
Buyer(s) TreeHouse Foods
Sellers(s) Prospect Capital Management
Constitution Capital Partners
Gryphon Investors
Deal Type Add-on Acquisition
Deal Value 860M USD
Advisor(s) Moelis & Co.
Houlihan Lokey
BMO Capital Markets (Financial)
Kirkland & Ellis (Legal)

Target

Flagstone Foods

Saint Paul, Minnesota, United States
website
Flagstone Foods, Inc. (Formerly Snacks Holding Corporation), is a holding company for Ann’s House of Nuts (“Ann’s”) and Amport Foods (“Amport”). Ann’s, based in Columbia, MD, is the largest manufacturer and marketer of trail mixes in North America.

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Buyer(S) 1

Buyer

TreeHouse Foods

Oak Brook, Illinois, United States

website

Category Company
Founded 1862
Sector Food
Employees10,900
Revenue 3.5B USD (2022)
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 10 of 13
Sector (Food) 9 of 12
Type (Add-on Acquisition) 8 of 8
State (Minnesota) 2 of 2
Country (United States) 8 of 11
Year (2014) 2 of 2
Size (of disclosed) 2 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-21 Protenergy Natural Foods

Richmond Hill, Ontario, Canada

Protenergy Natural Foods Corp. is a fully integrated manufacturer of natural food and beverage products. From concept through product formulation, analytical and sensory testing, nutritional evaluation, packaging and logistics.

Buy $150M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-02-01 ConAgra Foods - Private Label Operations

United States

ConAgra Foods - Private Label Operations is a packaged food company.

Buy $2.7B

Seller(S) 3

SELLER

Prospect Capital Management

New York, New York, United States

Investor Investor Investor Investor Investor

website

Category Business Development Company
Founded 1988
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Prospect Capital Corporation is a publicly traded mezzanine debt and private equity firm that primarily provides non-control financing to support growth, recapitalizations, acquisitions, and development. Prospect will selectively consider control acquisitions by providing multiple levels of the capital structure. Prospect was initially formed in 1988 and went public 2004. The Firm is based in New York City.

DEAL STATS #
Overall 25 of 47
Sector (Food) 2 of 3
Type (Add-on Acquisition) 7 of 17
State (Minnesota) 1 of 1
Country (United States) 25 of 46
Year (2014) 4 of 8
Size (of disclosed) 4 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-06-02 Staff Management Solutions

Chicago, Illinois, United States

Staff Management Solutions, LLC is a provider of recruiting, vendor-on-premise staffing and end-to-end supplier management solutions for strategic users of contingent labor. Company operates under the Staff Management, SMX, PeopleScout, HRX, and StudentScout service lines.

Sell $310M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-08-04 Airmall

Boston, Massachusetts, United States

Airmall develops and currently manages all or substantially all of the retail operations within the Boston, Baltimore-Washington, Pittsburgh, and Cleveland international airports. At each of the airports, AIRMALL is responsible for designing, constructing, leasing, and actively managing the retail space, which includes restaurants, lounges, news and gift shops, specialty retail shops, retail services (e.g., ATMs), food courts, and other common areas. Airmall was founded in 1991 and is based in Boston, Massachusetts.

Sell -
SELLER

Constitution Capital Partners

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 2008
PE ASSETS 3.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Constitution Capital Partners is a private equity firm focused on buyouts of North American companies. Constitution typically invests in private equity partnerships, however the Firm also makes direct private equity and credit investments. Constitution Capital Partners does not have any sector preferences. The Firm was formed in 2008 and is headquartered in Andover, Massachusetts.

DEAL STATS #
Overall 5 of 23
Sector (Food) 2 of 3
Type (Add-on Acquisition) 3 of 11
State (Minnesota) 1 of 2
Country (United States) 5 of 20
Year (2014) 4 of 4
Size (of disclosed) 2 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-06-18 The Environmental Quality

Wayne, Michigan, United States

The Environmental Quality Company is a fully integrated environmental services and waste management organization based in Wayne, Michigan.

Sell $465M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-07-07 Truco Enterprises

Dallas, Texas, United States

Truco Enterprises LP is a developer and marketer of tortilla chips, salsa, and queso under the On The Border brand. The company’s products are sold nationally through grocery retailers, club stores, and mass merchandisers. Truco Enterprises is based in Dallas, Texas.

Buy -
SELLER

Gryphon Investors

San Francisco, California, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1997
PE ASSETS 8.9B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Gryphon Investors is a private equity firm focused on making $50 to $300 million of equity or equity-linked investments in middle-market companies. Target transaction situations include traditional buyouts, leveraged build-ups, and growth financings. Gryphon will consider both control and shared-control positions. Sectors of interest include business services, consumer, retail, automotive, chemicals, general manufacturing, healthcare, and hotels. Gryphon Investors was formed in 1997 and is based in San Francisco, California.

DEAL STATS #
Overall 16 of 34
Sector (Food) 2 of 3
Type (Add-on Acquisition) 8 of 16
State (Minnesota) 1 of 2
Country (United States) 16 of 34
Year (2014) 1 of 1
Size (of disclosed) 1 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-05-14 Vince & Associates Clinical Research

Overland Park, Kansas, United States

Vince & Associates Clinical Research Inc. is a provider of clinical research services to the pharmaceutical and biotech industry worldwide.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-09-30 Orchid

Vero Beach, Florida, United States

Orchid is a managing general underwriter providing specialty property and casualty insurance products to homeowners, high net worth individuals and small businesses, primarily in coastal regions throughout the U.S. and the Caribbean. Orchid provides proprietary insurance solutions for hard-to-place risks to a growing, national network of retail agents and other strategic distribution partners. Orchid was founded in 1998 and is based in Vero Beach, Florida.

Buy -
Mergr

Product

Company

Legal