Smucker’s sells Natural Balance pet food business to Nexus Capital
The J.M. Smucker Co. (Smucker’s) has completed the $50 million sale of its Natural Balance premium pet food business to Nexus Capital Management.
The deal was announced in December 2020 and it covers the sale of pet food products sold under the Natural Balance brand alongside some trademarks and licensing agreements and a group of employees who have been supporting the business.
Smucker’s said that the sale of the Natural Balance pet food business is in its line with the company’s strategy to prioritize investments and resources pertaining to areas of the business that will have the greatest growth and profitability.
The divested pet food business registered net sales of about $220 million for Smucker’s fiscal year ended 30 April 2020, which were reported in its US Retail Pet Foods segment.
Mark Smucker – President and CEO of J.M. Smucker Co. said: “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.”