The J.M. Smucker Company announced on Friday that it closed the sale of its Natural Balance pet food business to Nexus Capital Management. The company announced in December it would be selling its pet food line for $50 million. Pet food products sold under the Natural Balance brand, certain trademarks and licensing agreements, as well as a group of employees who support the Natural Balance business were all part of the transaction. 

The divestiture is part of a move by the company to "prioritize investments and resources" toward parts of the business that they believe will generate the most growth and profitability. The company, which is ranked number 17 in Food Processings Top 100 listing for 2020, generated net sales of approximately $220 million for its pet food business for the fiscal year ending April 30, 2020. 

"The closing of this transaction supports our priority to focus on the core brands within our pet food and pet snacks portfolio," said Mark Smucker, President and Chief Executive Officer, The J.M. Smucker Co.