General Mills Completes Sale of Helper and Suddenly Salad Businesses

Rhea-AI Summary

General Mills has finalized the sale of its Helper main meals and Suddenly Salad side dishes businesses to Eagle Family Foods Group for approximately $610 million. This deal includes brands that generated net sales of about $235 million in fiscal 2021. General Mills has already incorporated this transaction into its Fiscal 2023 guidance shared on June 29, 2022. The company, headquartered in Minneapolis, reported fiscal 2022 net sales of $19.0 billion.

Positive

• Completed the sale of Helper and Suddenly Salad for $610 million, enhancing liquidity.
• The sold brands generated approximately $235 million in net sales in fiscal 2021.

Negative

• None.

MINNEAPOLIS--(BUSINESS WIRE)-- General Mills (NYSE: GIS) today announced it has completed the sale of its Helper main meals and Suddenly Salad side dishes businesses to Eagle Family Foods Group in a cash transaction valued at approximately $610 million.

Eagle Foods, a portfolio company of Kelso & Company, is a leading producer and marketer of canned sweetened condensed milk, evaporated milk products, and retail snack foods, distributed through U.S. retail channels, foodservice and export, U.S. military, and private label channels.

Net sales for the Helper and Suddenly Salad businesses totaled approximately $235 million in fiscal 2021. General Mills included the impact of this transaction in its Fiscal 2023 guidance issued in its fourth-quarter and full-year fiscal 2022 earnings press release on June 29, 2022.

About General Mills

General Mills makes food the world loves. The company is guided by its Accelerate strategy to drive shareholder value by boldly building its brands, relentlessly innovating, unleashing its scale and standing for good. Its portfolio of beloved brands includes household names such as Cheerios, Nature Valley, Blue Buffalo, Häagen-Dazs, Old El Paso, Pillsbury, Betty Crocker, Yoplait, Annie’s, Wanchai Ferry, Yoki and more. Headquartered in Minneapolis, Minnesota, USA, General Mills generated fiscal 2022 net sales of U.S. $19.0 billion. In addition, the company’s share of non-consolidated joint venture net sales totaled U.S. $1.1 billion.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220705005113/en/

(Investors) Jeff Siemon: +1-763-764-2301

(Media) Kelsey Roemhildt: +1-763-764-6364

Source: General Mills

FAQ

What did General Mills sell to Eagle Family Foods Group?

General Mills sold its Helper main meals and Suddenly Salad side dishes businesses.

How much was the sale of Helper and Suddenly Salad worth?

The sale was valued at approximately $610 million.

What were the net sales of the sold brands in fiscal 2021?

The net sales for the Helper and Suddenly Salad businesses totaled approximately $235 million in fiscal 2021.

When was the transaction included in General Mills' guidance?

The transaction was included in General Mills' Fiscal 2023 guidance issued on June 29, 2022.

What is General Mills' fiscal 2022 net sales figure?

General Mills generated fiscal 2022 net sales of $19.0 billion.