American food manufacturer General Mills announced Wednesday that a definitive agreement was inked to shed its Helper main meals and Suddenly Salad side dishes brands to Eagle Family Foods Group. The cash transaction is valued at $610 million.
“With this divestiture, we are continuing to reshape our portfolio and advance our Accelerate strategy,” John Nudi, group president, North America Retail for General Mills said in a release. “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.”
The Helper brand includes the well-known Hamburger Helper products. Net sales for the two businesses hit $235 million in fiscal year 2021.
General Mills anticipates that the deal will reach a close in the first quarter of its fiscal year 2023 following regulatory approval. Eagle Family Foods Group is a portfolio company of Kelso & Co.