General Mills has agreed to sell its dough business in Europe to another CerÃ©lia food company …
General Mills has agreed to sell its European pulp business to another CerÃ©lia food company.
Herbert Smith Freehills acted as General Mills’ legal counsel on the deal, for which financial terms were not specified at the time of writing.
The deal includes the company’s branded pulp product lines and private label pulp businesses in the UK, Ireland and Germany, including the Jus-Rol and Knack & Back brands.
All transactions associated with the sale are expected to close before the end of fiscal 2022, with the German transaction contingent on satisfaction of employment consultation, regulatory clearance and other conventional closing requirements.
Based in Minneapolis, NY, General Mills is focused on food manufacturing and owns many multinational brands such as Cheerios, HÃ¤agen-Dazs, and Old El Paso.
CÃ©rÃ©lia has grown from a French food production and manufacturing facility to an international supplier of ready-to-bake dough products with business interests in Europe, Asia, North America and beyond.
According to a General Mills statement announcing the transaction, the divestitures “represent another step in the General Mills Accelerate strategy, which centers on clear priorities on where to play – across geographies as well as platforms and locations. brands – to drive long-term, superior shareholder returns.
Herbert Smith Freehills advised General Mills on all aspects of the deal, using a team led by London partners Alex Kay and AndrÃ© Pretorius. Other partners involved include Marcel Nuys in DÃ¼sseldorf who advised on antitrust aspects, Jonathan Turnbull based in London acting on intellectual property issues and Steffen Hoerner in Frankfurt who provided German tax advice.
Also this month, soup company Re: Nourish received advice from Bird & Bird on a Â£ 2million investment to fund global growth.