Seeking to capitalize on anticipated growth in the tea category, TreeHouse Foods Inc. will acquire certain assets of Harris Tea, a private brand tea manufacturer in the U.S. The $205 million deal includes certain subsidiaries that operate the private brand tea business of Harris Freeman & Co. Inc.
"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," said Steve Oakland, chairman, CEO and president of TreeHouse Foods in a release. "This acquisition aligns with our long-term strategy to build capabilities in our higher-growth, higher-margin categories," he added.
The acquisition includes Harris Tea's manufacturing facilities in Moorestown, N.J., and Marietta, Ga. Approximately 300 Harris Tea employees will join TreeHouse Foods when the deal closes.
"The tea category presents significant opportunity for future growth," said Kevin Shah, Co-CEO of Harris Freeman & Co. Inc. "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 transaction is expected to close in the first quarter of 2025.
