J.M. Smucker Co. has signed a definitive agreement to sell its U.S. baking business to Brynwood Partners IVV LP and Brynwood Partners VIII LP for $375 million. Included in the transaction are products sold in U.S. retail channels under the Pillsbury, Martha White, Hungry Jack, White Lily and Jim Dandy brands. All relevant trademarks and licensing agreements, as well as Smucker’s manufacturing facility in Toledo, Ohio, are also part of the deal.
The transaction, which does not include Smucker’s baking business in Canada, is expected to close in the second quarter of the company’s 2019 fiscal year, subject to customary closing conditions, including the receipt of required regulatory approvals.