Not all pet-food acquisitions are the same. J.M. Smucker Co.’s $1.7 billion deal for Ainsworth Pet Nutrition, maker of Rachael Ray-endorsed Nutrish dog treats, looks like a winner.
Like other packaged-food brands, the maker of jams and peanut butter is eager to diversify its product suite, and the rapidly growing market for premium pet foods is attractive. In February, General Mills agreed to acquire Blue Buffalo Pet Products for $8 billion.
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