By Abigail Summerville
NEW YORK (Reuters) – JM Smucker, best known for its jams and jellies, is exploring the 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 to buy Twinkies maker Hostess Brands (NASDAQ:), is working with Goldman Sachs to tap interest from potential buyers of Voortman, said the people, who requested anonymity because the discussions are confidential.
A Smucker spokesman declined to comment but said the company is always evaluating “opportunities that support its strategic priorities, grow its business and drive shareholder value.” Goldman also declined to comment.
Smucker formed a new sweet and baked snacks unit after acquiring Hostess. The Sweet Baked Snacks unit now houses several popular consumer brands, including Voortman and other Hostess brands such as Ho Hos, Donettes, Ding Dongs and Zingers.
Hostess acquired Voortman from Swander Pace Capital in 2019 for approximately $320 million. The company was founded in 1951 as Voortman Cookies when two Dutch-born brothers, William and Harry Voortman, opened their first bakery selling cookies and other snacks in Hamilton, Ontario.
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