UPDATE: March 14, 2022:树屋食品说，董事会确定现在是没有适当的时间来销售整个公司，但它将继续探索潜在的剥离，包括在餐饮业务中。
“在整个全面的战略审查过程中，我们都从多个选区获得了明确的反馈，这些选区的长期前景和私人标签的前景和树屋保持高度吸引人，但业务组合很复杂，” Ann撒丁岛董事会主席在一份声明中说。“反馈进一步验证了公司简化和增长的战略计划。”
她继续说树屋's董事会和管理层集中于更高增长，更高的杂费零食和饮料业务，以及更改简化，简化甚至可能剥离其膳食准备业务的部分。“我们仍然对所有替代方案开放，以最大化股东价值”，”撒丁岛said.
潜水简介：
- 树屋食品正在探索选择that could include a sale of the company or a divestiture of a large portion of its meal prep business in an effort to focus on snacks and beverages.
- 树屋said the possible options follow a strategic review started earlier this year and “engagement with many of our shareholders.” The company didn't identify the investors and noted it could decide not to make any changes to its business.
- Jana Partners在2月表示，该公司应该consider a sale of its business。树屋后面添加了两个独立董事to its board as part of an agreement with the activist investor.
Dive Insight:
尽管努力大修业务在CPG老将史蒂夫·奥克兰（Steve Oakland）的监督下，树屋（Treehouse）观看了其股价幻灯片，未能从持续的大流行期间对包装食品的需求激增。
Treehouse是美国最大的私人标签产品制造商，这要归功于40多个合并的组合has spent much of the past several years closing plants,reducing SKUs, cutting jobs and jettisoning units to become a more focused, nimble company. Recently it出售其即食谷物业务to Post Holdings andpurchased a majority stakeof Ebro's Riviana Foods U.S. branded pastas for $242.5 million, expanding its regional and national scope in the category.
但是，这些变化几乎没有使投资者激发投资者的兴趣，并且公司周一的收益公告提供了最近对Treehouse面临的挑战以及为何可能要出售自己的挑战的情况。在单独的版本中, TreeHouse cut its profit forecast for the year and reported third-quarter adjusted earnings thatmissed analysts’ estimates.
毫无疑问，Jana自今年早些时候首次发布有关其对公司的投资的新闻首次浮出水面以来一直与Treehouse进行频繁接触，并且很可能在今天的宣布中发挥了作用。当时，贾娜（Janamedia reports indicate此后，它已将其在Treehouse的所有权提高到约9％。
自从Jana参与Treehouse及其推动销售的新闻打破以来，这家私人标签公司的股票在最初的流行之后就下跌了。截至周五收盘时，Treehouse的交易价格约为2月9日的42.46美元，即Jana参与消息的前一天。贾娜（Jana）看到了其最初的投资树屋衰落，激进主义者可能会承受对私人标签食品制造商的压力，以便对其业务进行重大实质性更改。
Jana在认为被低估的公司的变革方面有很长的记录，在许多情况下，它已经成功地触发了销售。Jana pressured Whole Foods市场在购买公司9％的股份后，出售自己；杂货商随后在2017年被亚马逊收购。它还购买了Pinnacle Foods的股份sold to Conagra Brands。
It's unlikely who would want to purchase TreeHouse, but a private-equity firm would be the most likely option. TreeHouse's roughly $2 billion market capitalization would make it digestible for a lot of buyers. In 2018, Post Holdings created a new private-label brand subsidiary, 8th Avenue Food & Provisions. It later出售了39.5％的业务to private-equity firm Thomas H. Lee Partners.
Treehouse还表示，它可以决定通过剥离负责敷料，调味料，果冻，意大利面和腌制的“重要部分”，以决定将其更快的零食和饮料业务放在其上。
Snacks and beverages, which includes cookies, frozen waffles, pretzels, snack bars and beverages and drink mixes,generated nearly 38% of the company's $4.35 billion in salesin 2020. Even though a divestiture of meal prep would create a slimmed down TreeHouse in trendy areas, it would likely deprive the business of key commodity, manufacturing and retail synergies, as well as cash flow, that come with producing a wider array of products.
