General Mills selling Helper, Suddenly Salad to Eagle Foods

Minneapolis-based General Mills has agreed to sell two of its popular businesses.

Wednesday, the company announced a proposed agreement to sell its Helper main meals and Suddenly Salad side dishes to Cleveland-based Eagle Family Foods Group for around $610 million in cash.

General Mills says the two businesses netted around $235 million last fiscal year.

“With this divestiture, we are continuing to reshape our portfolio and advance our Accelerate strategy,” Jon Nudi, the General Mills group president of North America retail, said in a statement. “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.”

“We are builders of brands, categories, and people,” Bernard Kreilmann, the CEO of Eagle Foods, said in a statement. “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.”

The proposed deal is expected to close during the first quarter of fiscal 2023.