By Abigail Summerville
NEW YORK (Reuters) – J.M. Smucker, known primarily for its jams and jellies, is exploring a sale of Voortman Bakery in a deal that could value the cookie and wafer brand at more than $350 million, according to people familiar with the matter.
Smucker, which last year agreed to a $5.6 billion deal for Twinkies maker Hostess Brands (NASDAQ:), is working with Goldman Sachs to tap interest from potential buyers of Voortman, said the sources, who requested anonymity as the discussions are confidential.
A Smucker spokesperson declined to comment, but said the company always evaluates “opportunities that support its strategic priorities, grow its business and drive shareholder value.” Goldman also declined to comment.
Smucker formed a new unit for sweet and baked-goods snacks after its takeover of Hostess. The Sweet Baked Snacks unit now houses several popular consumer brands including Voortman and the other Hostess brands including Ho Hos, Donettes, Ding Dongs and Zingers.
Hostess acquired Voortman from Swander Pace Capital in 2019 for roughly $320 million. It was launched in 1951 as Voortman Cookies when two brothers of Dutch origin, William and Harry Voortman, opened their first bakery to sell cookies and other snacks in Hamilton, Ontario.