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TreeHouse Foods, Inc. Announces Acquisition Of Naturally Fresh, Inc.

OAK BROOK, Ill., March 20, 2012 /PRNewswire/ -- TreeHouse Foods, Inc. (NYSE: THS) today announced it has entered into a definitive agreement to acquire substantially all of the assets of Naturally Fresh, Inc., a privately owned Atlanta, Georgia based maker of refrigerated dressings, sauces, marinades, dips and specialty items in a wide array of packaging sizes. The products manufactured by the Naturally Fresh, Inc. business will be added to each of TreeHouse's segments. Naturally Fresh has annual revenues of approximately $80 million.

TreeHouse has agreed to pay $25 million in cash for the business, subject to an adjustment for working capital.  The transaction is expected to have a neutral impact on TreeHouse's earnings in 2012, but is expected to positively impact 2013 earnings by approximately $0.05 per share.  The transaction is expected to close within 30 days, subject to satisfaction of customary closing conditions, and will be financed through borrowings under the Company's existing $750 million credit facility.

"Naturally Fresh provides retailers with a premium offering in the refrigerated produce section, and the acquisition is the perfect complement to our existing broad array of private label shelf stable dressings, sauces and salsa," said Sam K. Reed, Chairman, President and Chief Executive Officer.  "Additionally, the acquisition will expand our refrigerated manufacturing and packaging capabilities, broaden our distribution footprint and further develop our presence within the growing segment of fresh and good for you foods.  Naturally Fresh's Atlanta facility, coupled with our existing West Coast and Chicago based refrigerated foods plants, will also allow us to more efficiently service customers from coast to coast."

ABOUT NATURALLY FRESH

Naturally Fresh, headquartered in Atlanta, Georgia, manufactures refrigerated and shelf stable dressings, dips, and sauces in a variety of packaging formats and sizes, including single serve cups and pouches, tubs, retail glass and multi-serve food away from home sizes.  Products are sold under the Naturally Fresh brand and private label for leading food service distributors, national chains and retailers.  The company's facilities include its food processing facility in Atlanta and seven distribution centers across the nation.

ABOUT TREEHOUSE FOODS

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