TreeHouse Foods is the largest dedicated private label food and beverage manufacturer in North America. TreeHouse makes products that retailers sell under their own store brands, spanning two core platforms: snacking (crackers, pretzels, cookies, frozen griddle items, in-store bakery) and beverages & drink mixes (coffee, non-dairy creamer, tea, broth, and powdered beverages). TreeHouse sells almost entirely to retail grocery, which accounts for roughly 80% of net sales, with Walmart alone representing about 24% of sales and the top ten customers collectively around 57%. TreeHouse operates a single reporting segment and manages customer relationships through a direct sales force supplemented by brokers. Profitability is driven by volume (fixed cost absorption across manufacturing plants), pricing net of commodity costs, and supply chain efficiency. TreeHouse is executing a multi-year program targeting $250M in gross supply chain savings through 2027, focused on manufacturing efficiency, procurement, and distribution optimization. Seasonality is pronounced, with roughly 70% of EBITDA typically generated in the second half of the year, peaking in Q4. TreeHouse's strategy is to concentrate on higher-growth private label snacking and beverage categories, building vertical capability through acquisitions like a coffee roasting business from Farmer Brothers and Harris Tea, while shedding lower-margin or non-core businesses including a major Meal Preparation divestiture in 2022 and the exit of ready-to-drink beverages in 2024. TreeHouse has also been actively pruning lower-margin "tail" customer volume to improve its overall profitability profile.