After shelling out $375 million to purchase the Pillsbury brand and other baking products from J.M. Smucker, an East Coast private-equity firm plans to create a new company, Hometown Food, headquartered in Chicago. For Smucker, based in Orrville, Ohio, the sale offered a chance to unload aging brands that have suffered as customers seek out natural and health-conscious products. But for Greenwich, Conn.-based Brynwood Partners, which acquired Sunny Delight last year and has previously invested in Balance Bar and SnackWell's, the acquisition provides an opportunity to grow market share in a category that's still popular, regardless of health trends.

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