General Mills Close to Yoplait Acquisition
US-based food group General Mills has entered into exclusive negotiations with PAI Partners and Sodiaal to purchase a 50% stake in Yoplait, the international yoghurt business. Private equity company PAI Partners put its 50% stake in Yoplait up for sale last year.
Under the proposed transaction, General Mills will partner with French dairy company Sodiaal, which owns the other 50% of Yoplait, in expanding and growing the Yoplait brand and businesses in France, Europe and around the world.
General Mills and Sodiaal have been successful business partners for decades. General Mills has licensed the Yoplait brand since 1977, and is Yoplait’s largest licensee. It has grown its Yoplait business to the clear leadership position in yoghurts in the US, one of the world’s largest fresh dairy markets.
General Mills has been marketing food products in France for 50 years. Leading General Mills products, including Haagen-Dazs super-premium ice creams and Geant Vert vegetables, are also produced in France.
General Mills operates in more than 100 countries and markets more than 100 consumer brands, including Cheerios, Pillsbury, Nature Valley, Betty Crocker, Green Giant, Old El Paso, Progresso, Cascadian Farm and Muir Glen. General Mills had 2010 global net sales of $16b, including the company’s $1.2b proportionate share of joint venture sales.
