USA: General Mills signs definitive agreement to acquire Annie’s
CPG giant General Mills has announced that it is to acquire Annie’s, a leading US producer of branded organic and natural food products, for $820 million.
According to a company statement, Annie’s will join the General Mills US natural and organic product portfolio, which includes the Cascadian Farm, Muir Glen, Larabar and Food Should Taste Good brands that together generated net sales of approximately $330 million in its latest fiscal year. Net sales for the Annie’s brand in its last fiscal year were $204 million.
Jeff Harmening, General Mills Executive Vice President and Chief Operating Officer - US Retail, said: “This acquisition will significantly expand our presence in the U.S. branded organic and natural foods industry, where sales have been growing at a 12 percent compound rate over the last 10 years. Annie’s competes in a number of attractive food categories, with particular strength in convenient meals and snacks---two of General Mills’ priority platforms”.
He added: “Consumers know and trust Annie’s purpose-driven culture and authentic brand. We believe that combining the Annie’s product portfolio and go-to-market capabilities with General Mills’ supply chain, sales and marketing resources will accelerate the growth of our organic and natural foods business”.
Source: General Mills