Whitecastle to sell Protenergy Natural Foods to TreeHouse for $170 mln
TreeHouse Foods Inc (NYSE: THS) has agreed to pay $170 million in cash to acquire Protenergy Natural Foods Corp, a Richmond, Ontario-based manufacturer of food and beverage products, such as private label broths, soups and gravies. The sellers in the transaction are Canadian private equity firm Whitecastle Investments, the firm's partnership Whitecap Venture Partners, and other investors. The acquisition, which is expected to close in the second quarter, will expand Treehouse's packaging capabilities, allow it to offer a full range of soup products, and leverage R&D and growth opportunities, the company said. Protenergy is also a portfolio company of Canadian alternative assets investor Kensington Capital Partners. Based in Toronto, Whitecastle is a family-owned investment vehicle.
