The J. M. Smucker Co. has finalized its $1.7 billion acquisition of Ainsworth Pet Nutrition LLC, bolstering its pet food business. "We are excited to have completed this transaction, which increases the scale and further accelerates the growth profile of our pet food and pet snacks business," Smucker CEO Mark Smucker said in a statement. Jeff Watters, who served as the president and CEO of Ainsworth, has joined Smucker as senior vice president and general manager, Ainsworth, and will support the integration of Ainsworth into Smucker's pet food business. Some two-thirds of the pet food and pet snack maker’s sales are generated by the Rachael Ray™ Nutrish® brand, a growth driver in the premium pet food category. Smucker funded the acquisition through the combination of a $1.5 billion term loan and borrowings under the company's commercial paper program. Details of the acquisition can be found in our initial report.
