| June 26
June 26 Private-label food retailer TreeHouse
Foods Inc is in late-stage talks to acquire Flagstone
Foods, a maker of dried fruits and nuts, for between $800
million and $900 million, people familiar with the matter said
Oakbrook, Illinois-based TreeHouse Foods has prevailed over
Chinese private equity firm Hony Capital Co at the final stage
of the auction for Flagstone, which is owned by San
Francisco-based private equity firm Gryphon Investors, the
The people cautioned that negotiations had not yet been
finalized and asked not to be identified because the talks are
Representatives for Flagstone Foods, Gryphon, TreeHouse and
Hony Capital could not be immediately reached for comment.
TreeHouse, which has a market value of $2.9 billion, said
earlier this year it was looking at expanding its non-branded
TreeHouse explored buying egg and dairy producer Michael
Foods earlier this year, people familiar with the matter said at
the time. Cereal maker Post Holdings Inc clinched a
deal to buy Michael Foods in April for $2.45 billion.
Food companies are looking at moving into the health and
wellness category as shoppers look for healthier options in the
Post Holdings, for example, has recently bought a number of
companies that help consumers lead healthy lifestyles, including
protein bar makers Dymatize and PowerBar.
Gryphon created Flagstone in 2010 through the merger of
Amport Foods and Ann's House of Nuts. The company is one of the
largest makers and distributors or private label healthy snacks
in the United States.
(Additional reporting by Soyoung Kim in New York; Editing by