ORRVILLE, OH — The J.M. Smucker Co. has completed the sale of its Natural Balance pet food business to Nexus Capital Management LP in a deal valued at approximately $50 million.
“The closing of this transaction supports our priority to focus on the core brands within our pet food and pet snacks portfolio, including Rachael Ray Nutrish, Milk-Bone and Meow Mix among others, which create a unique portfolio with significant long-term growth potential that meets consumer needs across value, mainstream and premium offerings,” said Mark Smucker, president and CEO of J.M. Smucker.
The transaction encompasses pet food products sold under the Natural Balance brand, certain trademarks and licensing agreements, and select employees who support the Natural Balance business, according to a press release from J.M. Smucker.
The business generated net sales of approximately $220 million for the company’s fiscal year ended April 30.
Damian Giangiacomo, partner at Nexus, has previously stated: “We believe in the brand’s strong legacy and the ability to reinvigorate the business as an independent company in partnership with the strong management team we have assembled.