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Fairness Opinion Detail

TreeHouse Foods, Inc. to InvestIndustrial SA

Packaged Foods/Nov 2025/Goldman Sachs

Deal Information

Target
TreeHouse Foods, Inc.
Acquiror
InvestIndustrial SA
Sector
Packaged Foods
Target Type
Public
Acquiror Type
Financial
Advisors
Goldman Sachs

Transaction Metrics

Enterprise Value
$2.9B
EV / LTM Sales
EV / LTM EBITDA
8.4x
EV / Fwd EBITDA

Advisor Transaction Comparables

Comparable transactions cited by the advisor, excluding the subject transaction.

Advisor: Goldman Sachs

EV/LTM Adjusted EBITDA selected range: 7.5x - 12.0x

9 comps
Dec 2009Sturm Foods, Inc.TreeHouse Foods, Inc.--7.5x-
Feb 2010Best Brands IncorporatedCSM N.V.--8.5x-
Jun 2010American Italian Pasta CompanyRalcorp Holdings, Inc.--7.8x-
Nov 2012Ralcorp Holdings, Inc.ConAgra Foods, Inc.--12.0x-
Sep 2013Dakota Growers Pasta CompanyPost Holdings, Inc.--8.4x-
Apr 2014Michael Foods, Inc.Post Holdings, Inc.--9.3x-
Nov 2016Peacock Foods, LLCGreencore Group plc--10.4x-
Jul 2017East Balt Bakeries CompanyGrupo Bimbo S.A.B. de C.V.--9.3x-
Dec 2024Harris, Freeman & Co, Inc.TreeHouse Foods, Inc.--8.5x-
Mean-9.1x-
Median-8.5x-