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.