J.M. Smucker has sold its US baking business to Brynwood Partners, a private equity firm, for $375 M.
The sale includes products sold in US retail channels under the Pillsbury, Martha White, Hungry Jack, White Lily and Jim Dandy brands, reports FoodBev media. Brynwood also acquires J.M. Smucker’s 650,000 sq ft manufacturing plant in Toledo, Ohio.
While the J.M. Smucker baking unit generated about $370 M in net sales for the fiscal year ended April 30, last month the company said it was looking to divest itself of the operation to focus on higher growth segments such as pet food, coffee and snacking.
Brynwood set up a new entity, Hometown Food Company, to acquire the Smucker assets. Hometown will be based in Chicago and will run the Ohio manufacturing plant.