The Pillsbury Doughboy has seen better days. J.M. Smucker (SJM - Get Report) announced this week it will sell Pillsbury, along with other U.S. brands, to private equity firm Brynwood Partners for $375 million. While the latest deal helps Smucker concentrate on high-growth areas such as pet food, healthy products and coffee, the underperforming brands it divested sold at a discount. "Proceeds of $375 million (or roughly 1 times sales) fell below what we had expected," wrote Credit Suisse Robert Moskow in a note Monday evening. "We expect more earnings dilution to come for big U.S. food companies (like General Mills and Campbell) as they sell their underperforming brands at low prices and acquire fast-growing contemporary brands at high ones in order to improve the quality of their portfolios." Bloomberg reported on March 7 that Smucker was looking to fetch $700 million from the business. Smucker bought the brands in 2004 as part of its $840 million acquisition of International Multifoods Inc.