General Mills To Sell European Dough Biz
General Mills is selling its European dough businesses to Cérélia, the manufacturer of ready-to-bake dough items.
The deal, expected to close by the end of fiscal 2022, will include General Mills branded and private-label dough businesses in Germany, the U.K. and Ireland, including the Knack & Back and Jus-Rol brands. Financial terms weren’t disclosed.
General Mills cited the divestitures as another step in its Accelerate strategy, which is narrowing its focus across geographies, platforms and brands to drive longer-term growth. The company picked up Tyson Foods pet treats business earlier this year for $1.2 billion.
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Its Accelerate strategy also includes reshaping its international portfolio for sustainable and profitable growth, it noted in a statement, by increasing its focus on advantaged global platforms, including Mexican food, super-premium ice cream and snack bars.
Headquartered in Minneapolis, General Mills includes such brands as Cheerios, Nature Valley, Blue Buffalo, Häagen-Dazs, Old El Paso, Pillsbury, Betty Crocker, Yoplait and Annie’s in its portfolio. It reported fiscal 2021 net sales of $18.1 billion.
Paris-based Cérélia, meanwhile, is in growth mode, having acquired the US Waffle brand in March to expand its North American reach, and receiving a strategic equity investment from investor Continental Grain Company. Cérélia is owned by private equity firm Ardian.
