NEW YORK -- J.M. Smucker announced Monday that its baking business is being sold to a private equity firm Brynwood Partners for $375 million.
The company is known for Smucker’s jam, Folgers coffee and the Pillsbury Doughboy. The deal came during a period of chaos for popular food brands because of consumers recent shift in food purchasing, according to CNN Money.
Mark Smucker Smucker’s CEO reported that selling the baking portion of the business will aid the company in focusing on its other offerings such as, coffee, pet food and snacks.
“While the decision to divest these brands was difficult, it underscores our commitment to allocating resources toward those areas of the business critical to our growth,” Smucker said to CNN Money.
on November 7, 2013 in Chicago, Illinois.
The baking product’s 50-year-old mascot the Pillsbury Doughboy will now be in the hands of Brynwood. Pillsbury does differ in the sense that it is licensed from General Mills, but will the doughboy be retired after the switch in ownership? The answer to this is still up in the air.
The firm owns several popular grocery store brands including SunnyD and Juicy Juice.
As of right now the public will have to wait and see if the Pillsbury Doughboy will be taking a break from baking and relax in retirement instead.