J.M. Smucker is selling Natural Balance, its line of premium pet foods, to an investment firm for about $50 million in cash.

The deal includes pet food products sold under the Natural Balance brand, certain trademarks and licensing agreements, and selec employees who support the Natural Balance business. It is expected to close in the third quarter of Smucker’s 2021 fiscal year.

CEO Mark Smucker said in a statement that selling Natural Balance will allow the company to devote more resources to its remaining pet food brands, including Rachael Ray Nutrish, Milk-Bone and Meow Mix. "The divestiture reflects our strategy to direct investments and resources toward areas of the business that will generate the greatest growth and profitability,” he said.

Natural Balance generated about $220 million in sales in Smucker’s most recent fiscal year, which concluded on April 30.