Brynwood buys Pillsbury baking brands, Hungry Jack from J.M. Sucker for $375 mln
Brynwood Partners agreed to buy a portfolio of brands from The J.M. Smucker Co for $375 million. The portfolio includes exclusive U.S. rights to the iconic Pillsbury® brand’s shelf-stable baking products along with the Hungry Jack®, White Lily®, Jim Dandy® and Martha White® brands. The Pillsbury® brand license agreement 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. The transaction also includes the 650,000 square foot manufacturing facility in Toledo, Ohio. Brynwood Partners said it created Hometown Food Co, of Chicago, to acquire the assets from Smucker. Brynwood Partners did not retain an investment banking adviser but was represented by Holland & Knight LLP on legal matters.
