General Mills sells European dough businesses to Cérélia

Minneapolis / MN. (gm) General Mills Inc. announced that it has agreed to sell its European dough businesses to Cérélia, a global leader in ready-to-bake dough solutions. The proposed transactions would include General Mills branded and private label dough businesses in Germany, the UK, and Ireland, including the Knack + Back and Jus-Rol brands. Each of the transactions is expected to close by the end of fiscal 2022, with the German transaction subject to appropriate labor consultations, regulatory approvals, and other customary closing conditions. These divestitures represent another step in the General Mills Accelerate strategy, which is centered on clear priorities on where to play – across geographies as well as platforms and brands – to drive long-term, superior shareholder returns. Internationally, the strategy includes efforts to reshape the company’s portfolio for sustainable, profitable growth by increasing its focus on advantaged global platforms, which include Mexican food, ice cream and snack bars.

About General Mills

General Mills makes food the world loves. The company is guided by its Accelerate strategy to drive shareholder value by boldly building its brands, relentlessly innovating, unleashing its scale and being a force for good. Its portfolio of beloved brands includes household names such as Cheerios, Nature Valley, Blue Buffalo, Häagen-Dazs, Old El Paso, Pillsbury, Betty Crocker, Yoplait, Annie’s, Wanchai Ferry, Yoki and more. Headquartered in Minneapolis, Minnesota, USA, General Mills generated fiscal 2021 net sales of U.S. USD 18.1 billion. In addition, the company’s share of non-consolidated joint venture net sales totaled U.S. USD 1.1 billion.

About Cérélia Group

Cérélia is a leading manufacturer of fresh, ready-to-bake dough solutions for pie and pizza, as well as ready-to-heat pancakes, crepes, cookies and cookie dough. Thanks to (i) sustained organic growth over many years, driven by a relentless focus on product quality, service levels, and new product innovation (such as the introduction of organic, gluten-free and wholesome products) and (ii) an ambitious, yet thoughtful M+A strategy, Cérélia has become the leader in the European market. In 2015, the Company broadened its strategy through the acquisition of de Bioderij, which extended its product portfolio into pancakes and crepes and launched the Company into the North American and Asian markets. Through the acquisition of Bakeaway in 2016 and English Bay Batter in 2017, Cérélia expanded its presence in the United Kingdom and North America while further diversifying its product portfolio. The Company has meaningful market shares in the private label segment, manufacturing for some of the largest brands in the world alongside its own family of brands, which regularly introduce innovative new products. In December 2019 Ardian Holding SAS, a world leading private investment house, announced that it has acquired Cerelia, from the IK VII Fund, advised by IK Investment Partners.

About Ardian Holding SAS

Ardian is a world-leading private investment house with assets of USD 110bn managed or advised in Europe, North America, Asia, and South America. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base. Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world. Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 700 employees working from fifteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). It manages funds on behalf of more than 1,000 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.