Mergers and acquisitions
Hometown Foods closes acquisition of brands from J.M. Smucker Company
The $375 million deal includes Pillsbury branded shelf-stable baking and dessert products
Hometown Food Company, a wholly-owned portfolio company of Brynwood Partners VIII L.P., has completed the $375 million deal to acquire the exclusive rights to the Pillsbury branded shelf-stable baking and dessert products and use of the Pillsbury Doughboy in these categories. Also included in the company’s portfolio are the Funfetti, Hungry Jack, While Lily, Jim Dandy and Martha White brands.
Hometown Foods will be headquartered in Chicago and will operate its 650,000-sq.-ft. manufacturing facility in Toledo, Ohio. The company is expected to employ about 50 people in its Chicago headquarters.
Hometown Foods has hired Daniel Butler as its president and CEO. Butler was president and CEO of Wilton Brands, LLC, and prior to that, he served at Kraft Foods for 17 years in senior level sales, marketing and general management positions. Hometown Foods has also hired Tim Young who will serve as CFO; David Meltzer, EVP of sales; and Dan Anglemyer, chief marketing officer.
“We are pleased to announce the closing of the Hometown Foods transaction and the hiring of an exceptional and experienced executive management team,” says 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.”
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