Flagstone makes private-label healthy snacks and is the No. 1 provider of trail mix and dried fruit, TreeHouse said. The snack company, based in St. Paul, Minn., has 1,365 employees and booked sales of $697 million in its 2013 fiscal year.
TreeHouse, which makes non-dairy powdered creamers, cereals, sauces and soups, said the acquisition would diversify its private-label offerings. TreeHouse has purchased about six other food companies over the last four years.
TreeHouse projects a gain of 24 cents to 28 cents in earnings per share for the first full year after the deal closes in the third quarter. The deal is expected to lower 2014 earnings by about 5 cents to 8 cents per share.