General Mills has announced its agreement to acquire a North American cat feeding and pet treating business from the European private equity firm NXMH for $1.45 billion. This acquisition marks a continued expansion of the food giant into the pet products sector.
The Minneapolis-based company, known for brands like Lucky Charms, Betty Crocker, and Yoplait yogurt, revealed that the transaction includes Whitebridge Pet Brands’ North American business, which encompasses the Tiki Pets and Cloud Star brand portfolios. According to General Mills, this business generated approximately $325 million in U.S. sales last year, based on Nielsen data.
NXMH, which purchased Whitebridge Pet Brands in 2021, will retain control of the business and brands in Europe.
As part of the deal, General Mills will acquire two manufacturing facilities located in Joplin, Missouri.
This acquisition is General Mills’ fifth deal within the pet category, following its recent purchase of European pet food brand Edgard & Cooper earlier this year.
The company plans to finance the acquisition using cash on hand and new debt. The transaction is expected to close in the third quarter of General Mills’ fiscal 2025, which concludes in February.
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