J.M. Smucker Sells Pillsbury to Brynwood Partners

A Pillsbury Doughboy balloon floats down Sixth Avenue during the 87th Macy’s Thanksgiving Day Parade in New York November 28, 2013. REUTERS/Eric Thayer (UNITED STATES – Tags: SOCIETY ENTERTAINMENT) – RTX15WLV

J.M. Smucker, the company best known for Smucker’s jam, is selling off its baking brands—including Pillsbury.

Smucker announced Monday that it would be selling all of its U.S. baking business to private equity firm Brynwood Partners for $375 million, including debt. The deal will include Pillsbury and Funfetti baking mixes, along with Hungry Jack pancakes, Martha White, White Lily, and Jim Dandy.

Smucker had put its baking business up for sale in April, as it has faced decreasing sales and generated just 5% of the company’s revenue. It had owned Pillsbury since 2004, at which time it bought the company long associated with its mascot, the Pillsbury Doughboy, for $840 million.

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SOURCE: Fortune, Natasha Bach