M&A Deal Summary

TreeHouse Foods Acquires Sturm Foods

On March 2, 2010, TreeHouse Foods acquired food company Sturm Foods from Mason Wells, HM Capital Partners and Kainos Capital for 600M USD

Acquisition Highlights
  • This is TreeHouse Foods’ 4th transaction in the Food sector.
  • This is TreeHouse Foods’ 3rd largest (disclosed) transaction.
  • This is TreeHouse Foods’ 4th transaction in the United States.
  • This is TreeHouse Foods’ 1st transaction in Wisconsin.

M&A Deal Summary

Date 2010-03-02
Target Sturm Foods
Sector Food
Buyer(s) TreeHouse Foods
Sellers(s) Mason Wells
HM Capital Partners
Kainos Capital
Deal Type Add-on Acquisition
Deal Value 600M USD

Target

Sturm Foods

Manawa, Wisconsin, United States
website
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.

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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 4 of 13
Sector (Food) 4 of 12
Type (Add-on Acquisition) 2 of 8
State (Wisconsin) 1 of 2
Country (United States) 4 of 11
Year (2010) 1 of 2
Size (of disclosed) 3 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-05-31 San Antonio Farms

San Antonio, Texas, United States

The San Antonio Farms business (formerly known as Van De Walle Farms) has been operating in San Antonio, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-09-13 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.

Buy $180M

Seller(S) 3

SELLER

Mason Wells

Milwaukee, Wisconsin, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1998
PE ASSETS 600M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Mason Wells is a private equity firm focused on middle-market buyout opportunities in the Midwest US. Mason Wells looks to invest in businesses operating in engineered products and services, outsourced business services, and specialty packaging. Target companies typically generate revenue of $25 to $300 million and EBITDA of at least $5 million. The Firm prefers businesses with high barriers to entry, limited customer concentration, and strong market positions. Mason Wells was originally formed 1982 as a subsidiary of Marshall & Ilsley Corporation and became an independent firm in 1998. Mason Wells is based in Milwaukee, Wisconsin.


DEAL STATS #
Overall 15 of 39
Sector (Food) 2 of 4
Type (Add-on Acquisition) 11 of 24
State (Wisconsin) 11 of 21
Country (United States) 14 of 37
Year (2010) 1 of 2
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-03-19 Coating Excellence International

Wrightstown, Wisconsin, United States

Coating Excellence International LLC is a flexible packaging and technical products company specializing in wide web extrusion coating and laminating of film, foil, paper, board and nonwovens. Companty features EB coating and laminating, wide web flexographic presses with 10-color printing with registered backside print capabilities, and offset printing up to four colors.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-07-22 Charter Next Generation

Milton, Wisconsin, United States

Charter Next Generation is a manufacturer of highly engineered specialty films focused on high-cost-of-failure applications within food, medical and protective end-markets. The Company offers an extensive portfolio of films with complex resin formulations and multi-layer structures, designed to maintain food freshness, taste and color, extend shelf-life of products, and enhance product use and durability. Charter Next Generation is based in Milton, Wisconsin.

Buy -
SELLER

HM Capital Partners

Dallas, Texas, United States

website


Category Private Equity Firm
Founded 1989
PE ASSETS 1.6B USD
Size Large
Type Sector Agnostic
DESCRIPTION

HM Capital (formerly Hicks, Muse, Tate & Furst, Inc.) is a private equity firm that seeks investments in middle-market companies valued between $100 million and $1 billion. HM Capital's investments include acquisitions of large corporate divestitures, acquisitions or recapitalizations of privately owned or publicly traded businesses, and acquisitions of distressed businesses either through a restructuring or bankruptcy process. Sectors of interest include media, consumer products, energy, financial services, food/beverage, information services and niche manufacturing. HM Capital Partners was formed in 1989 and is based in Dallas, Texas.


DEAL STATS #
Overall 5 of 15
Sector (Food) 2 of 4
Type (Add-on Acquisition) 2 of 5
State (Wisconsin) 1 of 1
Country (United States) 3 of 10
Year (2010) 1 of 5
Size (of disclosed) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-01-27 UniTek Global Services

King of Prussia, Pennsylvania, United States

UniTek Global Services, Inc. is a provider of outsourced infrastructure services for the telecommunications, broadband cable, and satellite television industries in the United States and Canada. The company offers engineering and design services, including the provision of turn-key engineering services to industries that require underground plant construction, aerial infrastructure, and multi-dwelling content delivery; construction services comprising FTTP network design, engineering, construction, and maintenance services to the telecommunications companies and cable companies; and installation services, such as running new drop lines to the premise, set-top box installation, cable modem installation, VOIP setup, upgrading existing customers, custom wiring, disconnections, and equipment pickup.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-03-30 Canpages

Barrie, British Columbia, Canada

Canpages is Canada's fastest growing local search company. Providing a multimedia platform that focuses on relevant, local results, Canpages offers many choices with online, print and mobile options. With more than 80 print publications and over 80,000 customers, Canpages reaches more than 8 million households and businesses across Canada.

Sell CA$225M
SELLER

Kainos Capital

Dallas, Texas, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2011
Size Middle-Market
Type Sector Focused
DESCRIPTION

Kainos Capital is a private equity firm focused on the food and consumer products sector. Kainos targets manufacturers and marketers of food products, as well as other consumer products in the household and personal care industries and over-the-counter health and nutritional products sectors. The Firm's target investment size is $50 to $150 million in a company with an EBITDA of $10 to $80 million. Kainos Capital is based in Dallas, Texas.


DEAL STATS #
Overall 6 of 18
Sector (Food) 6 of 11
Type (Add-on Acquisition) 4 of 9
State (Wisconsin) 1 of 1
Country (United States) 6 of 17
Year (2010) 1 of 1
Size (of disclosed) 4 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-07-12 Swift

Greeley, Colorado, United States

Swift & Company is a processor of fresh beef and pork in the U.S. and a beef processor in Australia. Swift processes, prepares, packages, markets, and delivers fresh, further processed and value-added beef and pork products to customers in the United States and international markets. Swift & Company was formed in 1855 and is based in Greeley, Colorado.

Sell $1.5B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-14 Earthbound Farm

San Juan Bautista, California, United States

Earthbound Farm, Inc. is a pioneer in the organic food industry and the market leader in the organic packaged salad category. The Company sells organic packaged salads, fresh and frozen fruits and vegetables and other organic food products to retail grocers, natural food retailers, club stores, mass merchants and food service distributors.

Buy -