J.M. Smucker Co. announces sale of Voortman brand to Second Nature Brands
The J.M. Smucker Co. announced it has entered into a definitive agreement to sell its Voortman cookie brand to Second Nature Brands, a U.S.-based creator of premium snacks and treats controlled by CapVest Partners LLP.
The all-cash transaction is valued at approximately US$305 million, subject to a working capital adjustment. The decision reflects J.M. Smucker's efforts to optimize its portfolio and reallocate resources to its core growth brands.
The transaction includes all Voortman trademarks and the manufacturing facility in Burlington, Ontario. In addition, approximately 300 employees will transition with the business.
"This decision reflects our continued commitment to portfolio and resource optimization to focus on our largest growth opportunities as a company," said Mark Smucker, chair of the board, president and chief executive officer. "The divestiture of the Voortman brand is an important step in our integration plans that will enable the execution of our Sweet Baked Snacks strategy through dedicated focus and ongoing investments in the Hostess brand, advancing our leadership in the sweet baked goods category. I want to recognize and thank the many talented teams who have supported this brand."
READ: J.M. Smucker Co. completes divestiture of fermented condiment brands in Canada
The company also confirmed continued progress on the integration of Hostess Brands, including the completion of systems integration earlier this month, and that it remains on track to achieve expected synergies of US$100 million from the acquisition by the end of fiscal year 2026.
The transaction is anticipated to close in the third quarter of the Company's current fiscal year ending April 30, 2025, subject to customary closing conditions including the receipt of required regulatory approvals.
