Hulman & Co. sell Clabber Girl for $80M To Focus On Racing (Update)

But Miles says this does not mean IndyCar is going to be for sale

UPDATE Hulman & Co. said Wednesday that it has sold its iconic Clabber Girl Corp. to focus on motorsports and entertainment, which CEO Mark Miles called its “core focus."

Parsippany, New Jersey-based B&G Foods Inc., which manufactures and sells shelf-stable and frozen foods, bought Terre Haute-based Clabber Girl for $80 million in cash, according to a regulatory filing.

"This decision positions us to fully focus on the continued direction and growth of IndyCar, the Indianapolis Motor Speedway and IMS Productions," Miles said in a written statement.

“It also provides Clabber Girl with a well-prepared owner ready to use its vast expertise and considerable resources to accelerate the growth of the newest member of its impressive portfolio," he said.

05/15/19 IndyCar and Indianapolis Motor Speedway owner Hulman & Co. is selling its baking powder subsidiary Clabber Girl to B&G Foods, a move that it says is designed to increase its focus on motorsports. Hulman has owned Clabber Girl for decades, and the late Tony Hulman used profits from it to buy IMS in '45.

However, the company now says it wants to focus fully on growing IndyCar, IMS and its IMS Productions subsidiary. Today's announcement immediately sparked conversation about whether this could be the first step in the Hulman/George family eventually selling its motorsports assets.

But Hulman & Co. CEO Mark Miles told THE DAILY via text message that IndyCar and IMS are not for sale. Adam Stern/SBD