Image courtesy of Pillsbury
Private equity firm Brynwood Partners has signed an agreement to acquire a portfolio of brands from The J.M. Smucker Company ("Smucker") for $375 million, with the deal expected to close in the third quarter of 2018 after a customary U.S. regulatory review. Chief among those brands acquired is Pillsbury and its iconic shelf-stable baking products.

The license agreement for the Pillsbury brand is a royalty-free, perpetual agreement with General Mills, Inc. and encompasses all U.S. shelf-stable baking products, including flour, dry baking mixes, and ready-to-spread frosting, in the retail channel.

Other brands that Brynwood Partners has acquired in the agreement are Martha White, Hungry Jack, White Lily, and Jim Dandy. Additionally, the transaction includes the 650,000 square foot manufacturing facility in Toledo, Ohio.

“We are excited to add the famous Pillsbury and Hungry Jack brands along with the White Lily, Jim Dandyand Martha White brands and their great tasting products to our investment portfolio.  The iconic portfolio of brands and the company's strong Mid-Western manufacturing footprint will provide us with a solid platform to invest in and to grow,” says Henk Hartong III, Chairman and CEO of Brynwood Partners.

Brynwood Partners created Hometown Food Company to acquire the assets from Smucker.  Hometown Food Company will be headquartered in Chicago, Illinois and will operate the Toledo, Ohio facility.