A company newly formed by Brynwood Partners has acquired a portfolio of brands from J.M. Smucker for $375 million.
The brands include Pillsbury shelf-stable baking and dessert products – and use of the Pillsbury Doughboy advertising mascot – as well as Hungry Jack, Martha White and other brands that Smucker has been considering abandoning as it continues to experience declining sales.
The CEO of the new company, Hometown Food, will be Daniel Butler, who was a longtime Kraft executive. Butler will be joined by three other executives with food industry experience. Hometown Food will employ about 50 people in Chicago as it attempts to revive the flagging brands it has acquired.