Dive Brief:
- The J.M. Smucker Company will acquire Big Heart Pet Brands for $5.8 billion, with assuming around $2.6 billion in Big Heart's net debt.
- The move will offer Smucker a significant presence in the pet foods and snacks industry, one of the largest and fastest-growing center-of-the-store categories.
- Previously Del Monte Corp, Big Heart owns pet food and snack brands like Meow Mix, Milk-Bone, Kibbles 'n Bits, and 9Lives.
Dive Insight:
"The acquisition of Big Heart Pet Brands supports Our Purpose of 'helping to bring families together to share memorable meals and moments', as we recognize that pets are cherished members of the family," said Richard Smucker, Chief Executive Officer of Smucker. "With approximately two-thirds of U.S. households having at least one family pet, we will now be able to serve the mealtime and snacking needs of the whole family. We look forward to working with Big Heart Pet Brands' experienced and talented team to leverage our combined capabilities and scale, while further enhancing value for all our constituents."