UPDATE 1: Treehouse Foods Prepping for January Launch for LBO Financing

Thu Dec 04, 2025 04:15 PM ET: RBC Capital Markets and Deutsche Bank have begun premarketing a roughly $2.15 billion debt package to fund Treehouse Foods’ acquisition by Investindustrial, according to sources, who added that the deal is expected to launch syndication in early January 2026.

The financing includes an RBC-led $1.25 billion term loan B and $400 million asset-based lending facility that are expected to be offered at SOFR+400 bps, according to sources in Octus’ November report.

Additionally, the deal also includes $550 million in secured bonds from Deutsche Bank, which are being whispered at about 9%, as reported.

Proceeds will be used to fund Investindustrial’s $2.9 billion acquisition of Treehouse Foods, which was announced on Nov. 10.

Deutsche Bank declined to comment. Treehouse Foods, Investindustrial and RBC did not return requests for comment.

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Original Story 1:39 p.m. UTC on Nov. 11, 2025

Investindustrial Lines Up $2.15B in Loans and Bonds to Take TreeHouse Foods Private, Price Talk on Loans at S+400 Bps

A roughly $2.15 billion debt financing package backing Investindustrial’s $2.9 billion take-private of food processing company TreeHouse Foods is being led by RBC Capital Markets and Deutsche Bank, according to sources.

The debt package comprises a $1.25 billion term loan B and a $400 million asset-based lending facility, both led by RBC Capital Markets, as well as $550 million in secured bonds provided by Deutsche Bank, according to sources.

Price talk on the leveraged loans is coming at SOFR+400 bps while bonds are being whispered at about 9%, sources said.

Investindustrial’s acquisition of TreeHouse Foods was announced yesterday, Nov. 10. Octus reported on the take-private on Sept. 25.

The offer “of $22.50 per common share represents an equity value of $1.2 billion, a 38% premium to TreeHouse Foods’ closing share price on September 26, 2025, the last full trading day prior to market speculation around a transaction,” according to the press release. The transaction is expected to close in the first quarter of 2026, subject to regulatory approvals.

London-based private equity firm Investindustrial, which specializes in funding medium-sized companies, already owns some TreeHouse Foods assets. The investment firm acquired significant portions of the company’s meal preparation business in 2022, according to an announcement.

The private equity firm considered both bank and direct lending financing to back the buyout, as reported.

For the third quarter of 2025, TreeHouse Foods reported net sales of $840.3 million, or $841.9 million on an adjusted basis, according to its latest financial results report. It also posted a net loss of $265.8 million and adjusted quarterly EBITDA of $91.6 million.

For the full-year 2024, the company reported net sales of $3.35 billion, with adjusted EBITDA totaling $337.4 million, as shown in a separate report.

Comparable companies to TreeHouseFoods can be seen HERE on Octus’ Credit Cloud.

Goldman Sachs & Co. LLC is serving as financial advisor to TreeHouse Foods, Jones Day is serving as legal counsel, and Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor.

Lazard, RBC Capital Markets and Deutsche Bank are serving as financial advisors to Investindustrial. RBC Capital Markets, Deutsche Bank and KKR Capital Markets have provided Investindustrial with financing support for the transaction. Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor to Investindustrial on the acquisition, with Paul, Weiss, Rifkind, Wharton & Garrison LLP serving as financing legal counsel.

RBC and Deutsche Bank declined to comment. Investindustrial and TreeHouse Foods did not return requests for comment.