General Mills is to sell its European dough businesses – including the Knack & Back and Jus-Rol brands – to France-based bakery group Cérélia.
The US food major said the proposed transactions would include its branded and private-label dough businesses in Germany, the UK, and Ireland. No transaction price has been disclosed.
Paris-based Cérélia is a specialist in ready-to-bake dough, operating in both the private-label and retail channels where its brands include Croustipate, Jan and English Bay Bakery.
General Mills said the deal is part of its “accelerate” strategy, through which the company wants to focus “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, “super-premium” ice cream and snack bars. General Mills owns brands including Old El Paso, Häagen-Dazs and Nature Valley.
Earlier this month, reports suggested the company is seeking to offload the Progresso soups and Helper burger mix brands it acquired two decades ago when it bought Pillsbury as well as some smaller brands.
In March, General Mills announced plans to sell its 51% controlling interest in the European operations of yogurt business Yoplait to Sodiaal, the French dairy cooperative, in exchange for full ownership of the Canadian Yoplait business.
General Mills said the transactions announced today (24 November) are expected to close by the end of fiscal 2022.
Just Food has asked Cérélia for a comment on the deals.
In March, Cérélia announced it had received “strategic investment” from food-industry investor Continental Grain Company (CGC). It also revealed it has made two acquisitions in the US, snapping up pancake firm US Waffle and the pizza dough business of Wewalka.