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

Enterprise Value

$2.9B

EV / LTM Sales

EV / LTM EBITDA

8.4x

EV / Fwd EBITDA

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

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

9 comps


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

Discount rate and terminal value assumptions the advisor selected for its discounted cash flow analysis.

WACC: 7.5% – 8.5%
Terminal method: Both
Terminal assumption: Exit multiple 7.0x – 8.0x (terminal year EV/EBITDA (FY2029, as reflected in the Forecasts)); Perpetuity growth -0.8% – 1.1%
Forecast basis: Forecasts and Estimates (management-approved projections referred to as "the Forecasts")
Forecast period: October 1, 2025 through December 31, 2025 and fiscal years 2026 through 2029

Advisor	WACC	Terminal method	Terminal assumption	Forecast basis	Forecast period	Filing
Goldman Sachs	7.5% – 8.5%	Both	Exit multiple 7.0x – 8.0x (terminal year EV/EBITDA (FY2029, as reflected in the Forecasts)); Perpetuity growth -0.8% – 1.1%	Forecasts and Estimates (management-approved projections referred to as "the Forecasts")	October 1, 2025 through December 31, 2025 and fiscal years 2026 through 2029	Open