Brynwood Partners VII L.P. has signed a definitive agreement to acquire a portfolio of brands from The J.M. Smucker Company (Smucker) for $375 million. The portfolio includes the exclusive US rights to 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 US shelf-stable baking products, including flour, dry baking mixes and ready-to-spread frosting, in the retail channel. The transaction includes a 650,000-sq.-ft. manufacturing facility in Toledo, OH and is expected to close in the third quarter of 2018, subject to US regulatory review.