Cains Foods Sold To Ill. Firm For $35M
Cains Foods of Ayer, a long-time Massachusetts manufacturer of food products such as potato chips, salad dressings and mayonnaise, is being sold to an Illinois-based food manufacturer in a $35-million cash deal.
The transaction is expected to close within 30 days, subject to closing conditions, according to a statement from TreeHouse Foods Inc., which said it will borrow against its $750-million credit line to finance the purchase, Treehouse announced.
Cains was launched in 1914 as a cheese distributor based in Boston’s Faneuil Hall. It later grew its product line internally and through acquisition. With business growing in the early 1970s, the company moved manufacturing operations to Ayer in 1973. It employs about 100 workers there.
Sam K. Reed, the chairman, president and CEO of TreeHouse, said Cains will be a “great fit” for his company. "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," Reed said. The acquisition, he added, rounds out "our industry-leading assortment of private label pourable and spoonable dressings."
Ron Bottrell, a spokesman for Treehouse, said the company has no plans to make changes to operations in Ayer or staffing there and said Treehouse sees the purchase as a growth opportunity.
Treehouse employs about 4,300 people across 18 facilities in the United States and Canada, Bottrell said.
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