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Newly crowned Category Colonel winner Cains Foods has entered into an agreement to be bought by TreeHouse Foods, one of the largest suppliers in the industry, the companies announced Monday.
Cains, which makes shelf stable mayonnaise, dressings and sauces, won the 2013 Category Colonel silver award in the condiments-mayonnaise category. The company has about $80 million in annual revenue, and has agreed to be bought for $35 million in cash.
“Cains has a nearly 100-year tradition of manufacturing high quality products, and this is a very good business with experienced management and a dedicated team of employees,” TreeHouse CEO Sam Reed said in a news release announcing the move. “Cains will be a great fit within the TreeHouse family, rounding out our industry leading assortment of private label pourable and spoonable dressings.”
The transaction is expected to be closed within 30 days and will be financed through borrowing under TreeHouse’s existing $750 million credit facility. Cains has about 100 employees.