Hulman & Company
| Company type | Private |
|---|---|
| Industry | Food and beverage, motorsport |
| Founded | 1850 |
| Founder | Francis T. Hulman |
| Defunct | 2019 |
| Headquarters | Terre Haute , United States |
| Products | Clabber Girl baking powder |
Hulman & Company was a privately held American enterprise, family-operated and founded in 1850 by Francis T. Hulman. Initially, it served as a wholesale distributor of groceries, tobacco, and alcoholic beverages, with its main office located in Terre Haute, Indiana. The company gained nationwide recognition for producing Clabber Girl baking powder starting in 1899. In a distinctive move for a company in the food and beverage sector, Hulman & Co. acquired the Indianapolis Motor Speedway in 1945 and maintained ownership until selling it to Roger Penske in 2019.
Founding and early development
Francis T. Hulman emigrated from Lingen, Germany to Terre Haute, Indiana in 1850 and established a grocery retail business. By 1854, he had invited his brother Herman Hulman Sr., who had grocery industry experience from Osnabrück, Germany, to join him in expanding into wholesale distribution. Following Francis’s death in 1858 during the sinking of the SS Austria, Herman assumed leadership of the expanding enterprise.
In 1870, Herman formed a partnership with competitor Robert S. Cox, resulting in the company's rebranding as Hulman & Cox. During this era, Eugene V. Debs—who would later become a Socialist presidential nominee—was employed as a warehouse clerk before embarking on his political career. The company broadened its operations by purchasing the McGregor & Co. distillery; it subsequently sold its interest but reacquired part ownership before exchanging equity with Cox.
Between 1879 and 1884, Herman operated independently before officially founding Hulman & Company. In 1886, he incorporated B. G. Cox and Anton Hulman as business partners. The firm outgrew its initial premises and inaugurated a substantial new facility covering an entire city block in 1893.
In May 2019, Hulman & Company divested Clabber Girl to B&G Foods for $80 million. Subsequently that year, it also sold the Indianapolis Motor Speedway and IndyCar assets to the Penske Corporation for around $300 million.