The Pillsbury Company announced today an offering to sell its Pillsbury and Martha White branded U.S. retail Dessert and Baking Mix business, and its Hungry Jack Potato and Hungry Jack shelf stable breakfast businesses. The sale would include a licensing arrangement for the use of the Pillsbury and Hungry Jack brands.
On a combined basis, the businesses contributed over $500 million in sales during Pillsbury’s most recent fiscal year, completed in June 2000. The transaction is consistent with the previously announced intention to sell certain assets in conjunction with the completion of the proposed acquisition of Pillsbury by General Mills, and is contingent on that completion.
Greenhill & Co., LLC of New York is handling the proposed transaction and all inquires related to it should be directed to them.
Pillsbury produces a range of grocery items, frozen foods and refrigerated dough products for international consumer markets, including North America, Europe, Latin America and the Far East. The company’s portfolio of leading brands includes Pillsbury, Green Giant, Old El Paso, Haagen-Dazs, Progresso, Hungry Jack and Totino’s.
Pillsbury is the packaged food division of Diageo (NYSE: Deo), one of the world’s leading consumer brand companies. The Diageo group operates in over 200 markets worldwide, and has international sales of $19 billion. The company is listed on the UK (DGE), New York (DEO), and Paris Stock Exchanges.