General Mills has announced that it has completed the sale of its Helper main meals and Suddenly Salad side dishes businesses to Eagle Family Foods Group through a cash transaction of approximately $610 million (€599 million).
In 2021, net sales generated by Helper and Suddenly Salad businesses in amounted to approximately $235 million.
Eagle Foods, a portfolio company of Kelso & Company, is a producer and marketer of canned sweetened condensed milk, evaporated milk products, and retail snack foods.
The company distributes its products through US retail channels, foodservice and export, US military, and private label channels.
'Reshape Our Portfolio'
The deal was first announced in May of this year. At that time, Jon Nudi, General Mills group president of North America Retail, said, “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.”
Goldman Sachs & Co. LLC served as financial adviser to General Mills for the transaction and Cleary Gottlieb Steen & Hamilton LLP served as legal adviser, the company added.
Last year, the company agreed to sell its 51% controlling interest in Yoplait to French dairy cooperative Sodiaal in exchange for full ownership of the Canadian Yoplait business and a reduced royalty rate for the Yoplait and Liberté brands in the United States and Canada.