Hometown Food Company, maker of Pillsbury baking products, up for sale-sources
By Abigail Summerville
Jan 26 (Reuters) - The private equity firm that owns Hometown Food Company is exploring a sale of the maker of Pillsbury's shelf-stable baking products and Birch Benders, according to people familiar with the matter.
Brynwood Partners, which has owned Hometown for the last five years, is working with investment bank Houlihan Lokey on a sale process that could value Hometown at around $800 million, the sources said.
Hometown generates around $90 million in 12-month adjusted earnings before interest, taxes, depreciation and amortization.
The sources requested anonymity because the matter is confidential. Brynwood and Houlihan Lokey declined to comment. Hometown did not respond.
Hometown supplies grocery stores, convenience stores, wholesalers and other channels.
In 2018, Brynwood acquired the Pillsbury shelf-stable baking business, Hungry Jack, Funfetti and other assets from the J.M. Smucker company for $375 million. Brynwood created Chicago-based Hometown to acquire the assets from Smucker.
In 2019, Hometown bought the Arrowhead Mills and SunSpire brands of the Hain Celestial Group. Last year, it acquired Birch Benders from Sovos Brands. Birch Benders makes pancake and waffle mixes, frostings and toaster waffles with keto, paleo, and organic options. (Reporting by Abigail Summerville in New York Editing by Mark Potter)
