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Brynwood Partners, the US investment firm, has made its latest play in the food and drinks space with the acquisition of bakery assets belonging to food manufacturer JM Smucker.
According to Brynwood Partners, the deal includes the exclusive US rights to the Pillsbury shelf-stable baking range, along with the Hungry Jack, White Lily, Jim Dandy and Martha White brands. The Pillsbury brand licence agreement is described as a royalty-free, perpetual agreement with brand owner General Mills and encompasses baking products such as flour, dry baking mixes and ready-to-spread icing in the retail channel.
The transaction, which is expected to close in the third quarter of this year, includes a 650,000 sq ft manufacturing plant in Toledo, OH. The acquired assets will be held under a newly formed business called Hometown Food Company which will be headquartered in the same location.
Commenting on the deal, Brynwood Partners chairman and CEO Henk Hartong III said: “We are extremely pleased to announce the formation of the Hometown Food Company, which marks the single largest acquisition in Brynwood Partners’ 34-year history. We are excited to add the famous Pillsbury® and Hungry Jack® brands along with the White Lily®, Jim Dandy® and 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”.
Source: Brynwood Partners (via PR Newswire)
