US-based food and beverage company JM Smucker has announced the closing of a transaction to sell several pet food brands to Post Holdings for approximately $1.2 billion.
The acquisition, which was announced in February, includes brands such Rachael Ray Nutrish, 9Lives, Kibbles ‘n Bits, Nature’s Recipe and Gravy Train, a private label pet food business, and several manufacturing and distributing facilities.
“With the close of this transaction, we are excited to continue advancing our pet strategy, which is focused on driving growth for our dog snacks and cat food brands, including Milk-Bone and Meow Mix”, commented Mark Smucker, chair of the board, president and CEO. “We are confident in the potential of these businesses and are well positioned to deliver continued growth”.
The move follows JM Smucker’s decision to offload its Natural Balance petcare brand in 2020.
Source: JM Smucker (via PR Newswire)