French firm Bonduelle, which produces canned and processed vegetable goods, is seeking to acquire General Mills’ Green Giant arm, according to a report in Reuters quoting “people familiar with the matter”.
The company is said to be teaming up with the private equity division of investment bank Centerview to form a consortium to fund the acquisition but reportedly would be likely to face competition from other companies for the brand.
The Green Giant division manufactures more than 160 different products including steamed and canned vegetables, chips and hummus. It is believed to generate around $700 million per year in revenue but has struggled as consumers shift from sauced products to more plain vegetables, the Reuters reports adds.
Bonduelle has previously secured a number of other North American acquisitions including US-based canned and frozen vegetable firm Allens, and, in Canada, Omstead Foods, Family Tradition Foods and Aliments Carriere.