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Deal Detail
TreeHouse Foods, Inc. to InvestIndustrial SA
EV / LTM EBITDA
8.4x
EV / LTM Sales
-
Enterprise Value
$2.9B
Primary Source
Goldman Sachs
Comparable Transactions
Packaged Foods transactions announced in the five years to November 2025. 32 with a disclosed multiple.
| Date | Target | Acquiror | Enterprise Value | EV/Sales | EV/EBITDA | Type |
|---|---|---|---|---|---|---|
| Jul 2025 | WK Kellogg | Ferrero Group | $2.9B | - | 10.3x | Strategic |
| Jun 2025 | 8th Avenue Food & Provisions | Post Holdings, Inc. | - | - | 7.7x | Strategic |
| May 2025 | Chef Boyardee | Hometown Food | $600M | 1.3x | - | Strategic |
| May 2025 | Bakkavor Group Plc | Greencore Group Plc | - | - | 10.7x | Strategic |
| Apr 2025 | Greenyard NV | Deprez Family | - | - | 4.6x | Financial |
| Jan 2025 | Sauer Brands | Advent International | - | - | 11.0x | Financial |
| Sep 2024 | Yoplait and certain other brands | Lactalis | - | - | 8.4x | Strategic |
| Aug 2024 | Kellanova | Mars, Incorporated | $36.4B | - | 16.4x | Strategic |
| Jun 2024 | Summer Garden Food Manufacturing | Lassonde Industries, Inc. | - | - | 8.4x | Strategic |
| Feb 2024 | World Health Brands | Sababa / Martin Franklin | $626M | 1.1x | 8.0x | Financial |
| Dec 2023 | Shearer's Foods | Clayton Dubilier & Rice | - | - | 10.0x | Financial |
| Oct 2023 | Sugar Foods Corporation | Pritzker Private Capital | - | - | 10.0x | Financial |
| Oct 2023 | SunOpta's Frozen Fruit Assets | Nature's Touch Frozen Foods LLC | - | - | 9.4x | Strategic |
| Sep 2023 | Hostess Brands | JM Smucker | $5.5B | - | 17.9x | Strategic |
| Sep 2023 | Costa Group Holdings | Paine Schwartz Partners | - | - | 10.9x | Financial |
| Aug 2023 | Alphia Inc. | PAI Partners | - | - | 10.7x | Financial |
| Aug 2023 | Sovos Brands | Campbell Soup | - | - | 19.8x | Strategic |
| Jan 2023 | Birch Benders (Sovos Brands, Inc.) | Hometown Food Company | $40M | 1.0x | - | Strategic |
| Dec 2022 | Bollo International Fruits | The Natural Fruit Company (Fremman and GPF Capital) | - | - | 10.0x | Strategic |
| Nov 2022 | AgroFresh Solutions, Inc. | Paine Schwartz Partners | - | - | 9.1x | Financial |
| Aug 2022 | TreeHouse's Meal Prep Business | Investindustrial | $950M | - | 13.6x | Financial |
| May 2022 | General Mills, Inc. (Helper and Suddenly Salad) | Eagle Family Foods Group (Kelso & Company) | $610M | 2.6x | - | Strategic |
| Nov 2021 | Dot's Pretzels | Hershey | - | - | 15.1x | Strategic |
| Aug 2021 | Sanderson Farms, Inc. | Cargill, Incorporated and Continental Grain Company | $4.3B | - | 6.9x | Strategic |
| Jun 2021 | Kerry Consumer Foods, Meats and Meals Business | Pilgrim’s Pride Corporation | $952M | 0.9x | 8.5x | Strategic |
| Apr 2021 | Dessert Holdings | Bain Capital | - | - | 13.0x | Financial |
| Apr 2021 | Olde Thompson | Olam Food Ingredients, Olam International (Olam Food Ingredients) | $950M | - | 11.5x | Strategic |
| Mar 2021 | Aryzta AG (North America) | Lindsay Goldberg | - | - | 13.6x | Financial |
| Feb 2021 | Dole Food Company, Inc. | Total Produce plc | - | - | 7.7x | Strategic |
| Feb 2021 | Planters | Hormel Foods Corporation | $3.4B | - | 12.5x | Strategic |
| Jan 2021 | C.J. Vitner Company (Certain Assets) | Utz Quality Foods | - | - | 5.9x | Strategic |
| Dec 2020 | Wholesome Sweeteners Incorporated | Whole Earth Brands, Inc. | $180M | 0.9x | 7.8x | Strategic |
| Mean | 1.3x | 10.7x | ||||
| Median | 1.1x | 10.0x |
All Observations
Source-specific multiples and notes for this transaction.
| Comp | Primary? | Source Type | Source | Source Advisor | Source Year | EV (USD) | EV/Sales | EV/EBITDA | EV/Fwd EBITDA | Note | Citation |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Primary | fairness opinion | THS FO | Goldman Sachs | 2025 | $2.9B | - | 8.4x | - | Manual | Open | |
| - | fairness opinion | UTZ FO | Citi | 2026 | $2.9B | - | 8.3x | - | (4) LTM EBITDA includes add-back of stock-based compensation expense to align with Ulysses [Utz] reporting. | Open | |
| - | fairness opinion | STKL FO | Lazard | 2026 | $2.9B | - | 8.0x | - | - | Open | |
| - | fairness opinion | STKL FO | Scotia Capital | 2026 | - | - | 8.4x | - | - | Open |