B&G Foods, a branded food product holding company, recently announced its intent to purchase the Crisco Brand from the J.M Smucker Company for $550 million. The Crisco Brand includes oils and shortening products primarily used for baking. According to a recent article by Monica Watrous of Food Business News, B&G Foods is expecting to see continued growth of the Crisco Brand product family as a result of the increase in cooking and baking at home during the pandemic. Mark Smucker, the President and CEO also provided comments on the sale saying, “Crisco is an iconic brand that is beloved by consumers, and the business has been a solid contributor to our financial performance. However, our strategic priorities include an increased focus and allocation of resources toward pet food and pet snacks, coffee, and snacking to maintain momentum in these categories. “
Quazar Capital was not involved in the transaction.
Read the Full Article Here: https://www.foodbusinessnews.net/articles/17145-bg-foods-to-acquire-crisco-brand-from-smucker
