Pillsbury Coming To Chicago

CHICAGO, IL — The Connecticut-based private equity firm Brynwood Partners has signed an agreement to buy multiple brands, including Pillsbury, from J.M. Smucker for $375 million, the firm announced Monday. Brynwood said it plans to create a new company to oversee the brands —Hometown Food — which will be headquartered in Chicago.

The $375 million deal also includes Hungry Jack, White Lily, Jim Dandy, and Martha White labels, among others.

Henk Hartong, Brynwood Partners' chairman and CEO, said it's "the single largest acquisition" in the firm's 34-year history.

"The iconic portfolio of brands and the company’s strong Mid-Western manufacturing footprint will provide us with a solid platform to invest in and to grow,” he said in a media release. "We are excited to bring focus and energy to this great business and to build these brands that generations of families have loved through the years.”

The acquisition includes a 650,000 square foot manufacturing facility in Toledo, Ohio, where 255 people are employed.

Hometown Food will employ around 40 people, and at least six executives have already been hired, according to a report by Crain's.

The acquisition is expected to close in the fall, subject to customary U.S. regulatory review, the firm said.

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