Sector News

General Mills to divest food businesses to Eagle Foods for $610m

May 29, 2022
Food & Drink

General Mills has entered into a definitive agreement to sell its Helper and Suddenly Salad businesses to Kelso & Company portfolio company, Eagle Family Foods Group, for approximately $610 million.

Helper and Suddenly Salad products are sold under the Betty Crocker brand and include boxed instant meals and side dishes.

The acquisition creates three diversified platforms within Eagle Foods – snacks, baking, and meals and sides.

Jon Nudi, General Mills group president, North America retail, commented: “With this divestiture, we are continuing to reshape our portfolio and advance our accelerate strategy. This transaction improves our North America retail segment’s growth profile and allows us to increase our focus on brands and categories where we have the best opportunities to drive profitable growth.”

Bernard Kreilmann, CEO of Eagle Foods, said: “We are builders of brands, categories and people. The Helper and Suddenly Salad brands, with strong heritage and high consumer awareness, are a perfect fit for what Eagle does best – investing in, innovating and revitalising brands to drive growth and nurture them to reach their full potential.”

The proposed transaction is expected to close in the first quarter of fiscal 2023 and is subject to regulatory approval.

By Lauren Ford


comments closed

Related News

June 24, 2022

Carlsberg announces resignation of CFO Heine Dalsgaard

Food & Drink

Carlsberg has announced the departure of its chief financial officer (CFO), Heine Dalsgaard, after six years in the position. In a statement, Carlsberg said that Dalsgaard was resigning from the post to take up the role of CFO at a private equity-backed company in a different industry.

June 24, 2022

Kellogg to split into three companies, focus on snacks

Food & Drink

Kellogg will split into three independent companies to focus on the snack business, Reuters reported Tuesday. The snacking portfolio will comprise the main business, while the North America cereal unit and the plant-based business will be spun off. The company is also considering a sale of the plant-based business.

June 24, 2022

Mondelēz to buy energy bar company Clif Bar for $2.9bn

Food & Drink

The snacks giant says the acquisition will help build on its commitment to “lead the future of snacking” in key geographies worldwide. Once the transaction is completed, Mondelēz will continue to operate the Clif Bar business from its headquarters in Emeryville, California. The snack giant will also continue to manufacture Clif Bars’ products, which include Clif Bar, Luna and Clif Kid, at its facilities in Idaho and Indiana.