TreeHouse to acquire dressings and sauce manufacturer for $35 million
OAK BROOK, ILL. — TreeHouse Foods, Inc. has entered an agreement to acquire Cains Foods, L.P. for $35 million. Cains Foods is a manufacturer of mayonnaise, dressings and sauces that includes private label brands as well as the Cains, Naturally Delicious and Olde Cape Cod brands.
“Cains has a nearly 100-year tradition of manufacturing high-quality products, and this is a very good business with experienced management and a dedicated team of employees,” said Sam. K. Reed, chairman, president and chief executive officer. “Cains will be a great fit within the TreeHouse family, rounding out our industry-leading assortment of private label pourable and spoonable dressings.”
Cains Foods generates about $80 million in annual revenue, and its products go to both retail and food service outlets. The transaction is expected to close within a month and is expected to boost TreeHouse’s 2014 earnings by 5c a share.