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TreeHouse Foods to sell Lakeville facility and snack bars business for $63m

TreeHouse Foods has entered into a definitive agreement to divest its manufacturing facility and snack bars business located in Lakeville, Minnesota, US, to John B. Sanfilippo & Son for approximately $63 million. Based in Elgin, Illinois, John B. Sanfilippo & Son is a processor, packager, marketer and distributor of snack bars, dried cheese, nut and dried-fruit-based products. The site, which has been under the TreeHouse Foods umbrella since 2016, oversees the production of various private-label snack bar items, including protein bars and fruit and grain bars. According to the company, the snack bars business "was not expected to contribute positive adjusted EBITDA in fiscal year 2023". Steve Oakland, chairman, president and CEO of TreeHouse Foods, said: "The sale of our Lakeville facility and snack bars business is another example of our strategy in action to be a focused private label leader in high-growth and high-margin categories. Importantly, we believe the business and its talented colleagues will be well positioned under John B. Sanfilippo & Son's ownership. We remain focused on deploying our capital in a manner that supports our long-term growth targets and enhances value creation for our shareholders." After the completion of the transaction, the current private-label snack bars business, customer connections and Lakeville-based employees will transition to John B. Sanfilippo & Son. The transaction, which is subject to customary closing conditions, is expected to close within a 30-day timeframe.

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