US giant food General Mills has entered into an agreement with Eagle Foods to sell Helper and Suddenly Salad businesses for a $610 million cash transaction.
With the acquisition, Eagle Foods will create three diversified platforms focusing on growing centre store categories for retailers and continue investing in its growing snacks and milk business in parallel with this new investment.
“We are builders of brands, categories, and people,” said Bernard Kreilmann, CEO of Eagle Foods. “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 revitalizing brands to drive growth and nurture them to reach their full potential”.
“With this divestiture, we are continuing to reshape our portfolio and advance our Accelerate strategy,” said Jon Nudi, General Mills group president, North America Retail. “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”.
The transaction is expected to be closed in the first quarter of fiscal 2023.
Sources: Eagle Foods (via PR NewsWire) / General Mills