(Bloomberg) -- J.M. Smucker Co. agreed to sell its Voortman Cookies business to CapVest Partners-controlled Second Nature Brands for $305 million, as the US snack maker looks to focus on its core operations.
The transaction will include all Voortman trademarks and the leased manufacturing facility in Canada, according to a statement on Tuesday. About 300 employees will transition with the business.
J.M. Smucker completed an acquisition of Twinkies maker Hostess Brands Inc. in a $5.6 billion deal in November 2023, furthering a growing consolidation trend among the companies that stock the shelf-stable aisles at the heart of supermarkets. The divestiture of Voortman will allow the company to focus on the integration of Hostess, Chief Executive Officer Mark Smucker said in the statement.
CapVest focuses on investing in industries in which their products or services are non-discretionary, with core sectors including consumer staples, health care and essential services. UK-based Inspired Pet Nutrition, controlled by CapVest, in August agreed to acquire Butcher’s Pet Care for an undisclosed amount.
Second Nature Brands owns trail mix brand Kars and Second Nature as well as sea salt caramel snack Sanders, its website shows.
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