Here's why Jim Cramer likes J.M. Smucker's plan to buy the maker of Twinkies

CNBC's Jim Cramer on Monday praised J.M. Smucker's (SJM) decision to buy Twinkie maker Hostess Brands (TWNK) in a deal valued at $5.6 billion.

"I like the deal, if only just because I like this channel for Smuckers," Cramer said on "Squawk on the Street." "People are desperate for growth in the food business, and this company's got growth," he added, referring to Hostess.

Shares of Smucker, which makes its namesake jelly and owns the Jif peanut butter brand, fell more than 7% Monday, to around $131 each. Hostess Brands stock, meanwhile, surged nearly 19%, to more than $33 per share.

Reuters reported in August that multiple major food brands such as General Mills (GIS) and Oreo owner Mondelez International (MDLZ) had shown interest in acquiring Hostess. The company had hired investment bank Morgan Stanley (MS) — which is owned by Cramer's Charitable Trust, the portfolio used by the CNBC Investing Club — to help advise on a deal, Reuters reported at the time.

Perhaps the "biggest worry" about acquiring Hostess Brands is the increasing popularity of weight-loss drugs known as GLP-1 agonists, and their potential impact on consumer food preferences, Cramer acknowledged. However, he said, "I'm not so sure if that's the case. I think junk food is always going to be on the American agenda."

Danish pharmaceutical firm Novo Nordisk (NVO) has the leading GLP-1 weight-loss drug in the U.S. market, while Eli Lilly (LLY) — which also is owned by Cramer's Charitable Trust — hopes its rival drug will secure regulatory approval by year-end.