Private equity firm Brynwood Partners has agreed to buy J.M. Smucker Co.’s U.S. baking unit in a deal valued at $375 million, that includes the Pillsbury Doughboy brand. 


The deal comes as Smucker reshapes its portfolio, with an emphasis on revitalizing its coffee business and boosting sales of its pet food brands. The baking business generates about $370 million in annual sales. Bloomberg News reported in March that the company was considering a sale of the baking brands, which also include Martha White and Hungry Jack.


Smucker bought Pillsbury, the well-recognized baking mix brand represented in ads by the giggling Doughboy, as part of its 2004 acquisition of International Multifoods Corp. The deal added an array of so-called center-of-the-store brands, including muffin mixes and frostings, to its portfolio.