Last updated on September 7th, 2018 at 11:30 am
The J.M. Smucker Co. has completed the sale of its shelf-stable baking business, including the exclusive U.S. rights to the Pillsbury brand, along with the Hungry Jack, White Lily, Jim Dandy, Martha White and Funfetti brands, to Hometown Food Co., a wholly-owned portfolio company of Brynwood Partners VII L.P. and Brynwood Partners VIII L.P. The $375 million deal was announced in early July.
Brynwood created Hometown Food, will be headquartered in Chicago, Illinois, to acquire the assets from Smucker. The new company will operate a 650,000-s.f. manufacturing facility in Toledo, Ohio, acquired from Smucker.
Hometown Food has hired Daniel Butler as its president and CEO. Most recently, Butler was president and CEO of Wilton Brands LLC. Prior to that, he worked at Kraft Foods Inc. for 17 years, holding senior-level sales, marketing and general management positions. In addition to Butler, the company has hired Tim Young, David Meltzer and Dan Anglemyer, who are joining Hometown Foods as its CFO, EVP of sales, and CMO, respectively. Most recently, Young was with Treehouse Foods Inc.; Meltzer was with Richelieu Foods Inc.; and Anglemyer was with Back to Nature Foods Co. LLC.
The company, which ultimately expects to employ approximately 50 people at its headquarters, says it also has come to an agreement with several other senior-level executives and continues to aggressively build out its team.
“We are pleased to announce the closing of the Hometown Foods transaction and the hiring of an exceptional and experienced executive management team,” said Henk Hartong III, chairman and CEO of Brynwood Partners. “We are excited to have a very talented management team in place at the closing and will be off to a fast start with the new company. We are looking forward to working closely with Dan and his team to bring focus and energy to this business and to execute on our strategy to grow these great brands in the years to come. Additionally, as we have done so successfully in past portfolio company investments, we will aggressively seek to identify and make add-on acquisitions where they fit our strategy.”
Keep reading:
Smucker Co. Selling Pillsbury, Hungry Jack, Other Brands For $375M
