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TreeHouse Foods buying Flagstone Foods for $860M

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News,Business,Food and Drink,Mergers and Acquisitions

OAK BROOK, Ill. (AP) — TreeHouse Foods is buying Flagstone Foods for $860 million as a way to gain access to the growing healthy snacks category.

Flagstone, based in St. Paul, Minnesota, makes private label snacks such as trail mix and dried fruit. The privately held company runs a facility in Minneapolis and another in Robersonville, North Carolina. It had $697 million in sales for fiscal 2013.

TreeHouse is purchasing Flagstone from private equity firm Gryphon Investors and other shareholders.

Gryphon formed Flagstone in November 2010 when it acquired private label trail mix and nuts company Ann's House of Nuts and private label dried fruit maker American Importing Co. and combined them.

TreeHouse Foods Inc. makes non-dairy powdered creamers and sweeteners, specialty teas and cereals.

Shares of Oak Brook, Illinois-based TreeHouse added $4.09, or 5.1 percent, to $83.98 before the market open on Monday.

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