Quaker Oats Sells Unit for $19 Million Cash

Quaker Oats Co. said it sold Herrschners Inc. to Hi Acquisition Corp. for $19.3 million cash.

The company said the sale will result in a non-recurring gain that is likely to be offset by charges related to the disposition of other Quaker businesses.

Several members of Herrschners’ management are also investors.

Herrschners, a U.S. mail-order crafts company, has sales of about $27 million in the most recent fiscal year ended June 30.

Hi Acquisition Corp. was formed by Montgomery, Shelton & Co. and Prucapital Inc. for the acquisition.