The J.M. Smucker Co. announced May 15 that it has completed the acquisition of Ainsworth Pet Nutrition LLC in a transaction valued at approximately $1.7 billion, after an estimated tax benefit of $200 million.

The company previously announced the signing of a definitive agreement to acquire Ainsworth on April 4.

Ainsworth is a leading producer, distributor and marketer of premium pet food and pet snacks, predominately within the U.S. Approximately two-thirds of Ainsworth's sales are generated by the "Rachael Ray Nutrish" brand, which is driving significant growth in the premium pet food category, the announcement said.

"We are excited to have completed this transaction, which increases the scale and further accelerates the growth profile of our pet food and pet snacks business," chief executive officer Mark Smucker said. "The Ainsworth team has done a tremendous job growing this business, building Rachael Ray Nutrish into one of the most recognizable premium pet food brands in the U.S. We are pleased to welcome the Ainsworth employees into the Smucker family and look forward to working with this talented team as we continue to grow our pet food business together."

As previously announced, in connection with the closing of the transaction, Ainsworth president and CEO Jeff Watters has joined Smucker and assumes the role of senior vice president and general manager, Ainsworth. In this role, Watters will support the integration of Ainsworth into the company's pet food business as a key member of the pet leadership team.

Related:Smucker's to acquire Ainsworth Pet Nutrition

Smucker funded the acquisition through the combination of a $1.5 billion term loan and borrowings under the company's commercial paper program.