Business

TreeHouse completes acquisition of Protenergy

Posted June 02, 2014 1:01 am

PRNewswire

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.

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