CLEVELAND – Eagle Family Foods Group LLC, a portfolio company of Kelso & Company, a New York private equity firm, is acquiring the Helper and Suddenly Salad businesses from General Mills, Inc., Minneapolis, for approximately $610 million. Net sales for the two businesses totaled approximately $235 million in fiscal 2021, according to General Mills.
“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 revitalizing brands to drive growth and nurture them to reach their full potential,” said Bernard Kreilmann, chief executive officer of Eagle Family Foods Group.
The acquisition will expand the Eagle Family Foods Group’s position in the retail center of store by adding meals and sides to its other businesses in snacks and baking. Brands owned by the company include Eagle sweetened condensed milk and evaporated milk, Magnolia sweetened condensed milk, PET milk, Milnot evaporated milk, Popcorn Indiana, and Cretors Popcorn.“With this divestiture, we are continuing to reshape our portfolio and advance our Accelerate strategy,” said Jon Nudi, General Mills’ group president of North America Retail. “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.”