Hormel Foods Corp. is selling off one of its brands.

The Austin-based company announced earlier this week that it entered a definitive agreement to sell Diamond Crystal Brands Inc. to an affiliate of Peak Rock Capital LLC.

The transaction is subject to customary closing conditions, including the receipt of regulatory approvals in the United States, and is expected to close within 30 days. Hormel Foods will retain Hormel Health Labs, a provider of nutritional foods and beverages developed specifically for individuals with special dietary needs.

The companies are making plans to ensure a smooth transition for the customers and employees of Diamond Crystal Brands.

Diamond Crystal Brands was founded in 1980 and manufactures and distributes portion-control and single-serve products like sauces, dressings, condiments salt, pepper and sweeteners.

Hormel bought Diamond Crystal from Imperial Sugar in 2002 for $115 million.