RICHMOND HILL, Ont.—Toronto-based investment firms Whitecastle Investments Limited, Whitecap Venture Partners and other partners have boxed-soup maker Protenergy Natural Foods to TreeHouse Foods, Inc. for CAD$170 million.
TreeHouse is major food and beverage manufacturer based in Oakbrook, Ill. Treehouse also owns Bay Valley Foods, E.D. Smith, Sturm Foods, S.T. Specialty, Cains Foods, L.P. and Associated Brands
Protenergy, which is headquartered in Richmond Hill, Ont. and has about 300 employees, makes private label broth, soups and gravies in facilities in Richmond Hill and Cambridge, Md.
The transaction is expected to close late in the second quarter of 2014, subject to customary closing conditions.
Protenergy had 2013 sales of approximately CAD $130 million for 2013.
Following the acquisition, TreeHouse anticipates 2014 sales of approximately $2.7 billion and adjusted EBITDA of approximately $385 million.