RubinBrown Middle Market Food & Beverage Sector 2016 Update

M&A Activity Overview: 2015-2016 Deal Spotlight - Food

TreeHouse Foods, Inc. / Ralcorp Holdings, Inc. On November 23, 2015, TreeHouse Foods, one of the country’s largest private label food makers, announced that it was buying most of ConAgra Foods’ private label business, Ralcorp, for $2.7 billion in cash. Ralcorp was recently purchased by ConAgra Foods in January 2013 for $5 billion. TreeHouse plans to invest in product innovation in the private label business it is buying. While TreeHouse plans to stay in Oak Brook, IL, management intends to make St. Louis a key administrative center for the company. The transaction was completed in the first quarter of 2016.

Pinnacle Foods, Inc. / Boulder Brands, Inc. On November 24, 2015, Pinnacle Foods entered into a definitive agreement to acquire Boulder Brands for approximately $682 million. Under the terms of the agreement, Pinnacle Foods intends to launch a tender offer to acquire all of the outstanding shares of Boulder Brands for $11 per share. The acquisition is intended to expand Pinnacle Foods’ health and wellness portfolio.

Land O’Lakes, Inc. / Ceres, Inc. On June 17, 2016, Land O’Lakes, Inc. announced that it signed a definitive merger agreement with Ceres, Inc. valued at $17.2 million. Under the agreement, subject to regulatory approval, Land O’Lakes will commence a tender offer for all outstanding shares of Ceres common stock for $0.40 per share, in cash. The price per share of common stock represents an 81% premium to the closing price of Ceres shares on June 16, 2016. Once the transaction is complete, Ceres will become a wholly owned subsidiary of Land O’Lakes and will bring new advanced plant breeding and biotechnology to the company.

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Food & Beverage Industry Sector: 2016 Update

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