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TreeHouse Foods has agreed to acquire private brand tea business operations of Harris Freeman & Co (Harris Tea) for $205 million.
The acquisition includes Harris Tea's facilities in Moorestown, New Jersey, and Marietta, Georgia, along with about 300 employees. It will integrate vertically with TreeHouse's existing tea business, boosting the company's growth and margins.
TreeHouse Foods' CEO and president, Steve Oakland, said: "The acquisition of Harris Tea strengthens our competitive positioning in the fast-growing tea category and adds unique blending and sourcing capabilities that customers desire, building upon TreeHouse Foods' category leadership, enhancing our position through additional depth and scale. This acquisition aligns with our long-term strategy to build capabilities in our higher-growth, higher-margin categories."
Kevin Shah, co-CEO of Harris Freeman, added: "The tea category presents significant opportunity for future growth. It was clear that TreeHouse Foods would provide a great fit for our next chapter of growth, given its depth of capabilities, scale, industry expertise and customer relationships, and I am confident we will maintain our upward trajectory as a result of this transaction."
The deal is expected to close in early 2025, funded primarily with cash on hand.
#TreeHouseFoods #HarrisFreeman #US
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