A Chicago-based Hometown Food Company owned by private equity firms Brynwood Partners VII L.P., and Brynwood Partners VIII L.P., has recently closed the USD 375 million purchase deal to acquire a portfolio of various brands from The J.M. Smucker Company (Smucker).
According to the sources familiar with the matter, the acquisition will reportedly give Hometown Food the exclusive U.S. rights for the popular brands including Pillsbury, Funfetti, Jim Dandy, White Lily, Hungry Jack, and Martha White. These brands are well-known for flour, grits, and corn meal categories.
Smucker’s iconic portfolio of brands and strong presence in the Mid-Western manufacturing footprint will provide Hometown Food a solid ground for its growth as well as future investments, cite sources.
As per trusted reports, Brynwood Partners have decided on appointing Daniel Butler, a consummate in sales, marketing, and general management positions, as the company’s President and CEO. The company also hired David Meltzer, Dan Anglemyer, and Tim Young as the CFO, Executive VP of Sales, and Chief Marketing Officer respectively, as they all have been at important positions in the food companies.
The newly acquired business generated around USD 370 million during Smucker’s FY end of 2018 and was primarily included in its U.S. Retail Consumer Foods segment, as reported by Baking Business.
According to Ian MacTaggart, President & COO of Brynwood Partners, the firm is pleased to work closely with Smucker’s team. He further added that the deal marks an important transaction for Brynwood Partners and celebrates the 52nd brand acquisition.
For the record, Brynwood Partners formed the Hometown Food Company to acquire Smucker’s assets. It will be headquartered in Chicago, IL and will reportedly operate the 650,000-sq. ft. manufacturing facility in Toledo, OH.
The transaction is subject to customary review from the U.S. regulators and is slated to close by the end of third quarter of 2018.