Oak Brook-based TreeHouse Foods has completed its acquisition of Protenergy Natural Foods, a developer and manufacturer of premium quality food and beverage products.
TreeHouse said it paid approximately $150 million in cash for the business, subject to an adjustment for working capital, and financed the transaction under its existing credit facility.
Ontario, Canada-based Protenergy had sales of approximately $130 million (Canadian) for 2013. TreeHouse said the transaction is expected to have approximately 5 cent to 7 cent impact on 2014 earnings per share a
TreeHouse announced in April it planned to acquire the company, which is focused on making soups and broths. Bloomberg News reported TreeHouse is looking at acquiring Flagstone Foods, a Minneapolis-base maker of dried fruits and nuts products.