The JM Smucker company announced it will acquire Big Heart Pet Brands in a transaction valued at approximately $5.8 billion as a way of positioning the company for continued growth by capturing the segment of consumers who are pet owners.
Big Heart Pet Brands is the largest stand-alone producer, distributor, and marketer of premium-quality, branded pet food and pet snacks in the US whose brands include Meow Mix, Milk-Bone, Kibbles’n Bits, 9Lives and Natural Balance among others. Headquartered in San Francisco, the company employs nearly 2,500 people. The cash and stock transaction includes approximately $2.6 billion in net debt.