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    Industry News

    General Mills to Acquire Annie’s for $820 Million

    ...

    10.01.14
    General Mills, Inc., Minneapolis, MN, has entered into a definitive agreement to acquire Berkley, CA-based Annie’s, Inc., a U.S. producer of branded organic and natural food products with net sales of $204 million in its latest fiscal year (completed March 2014).

    Annie’s will join General Mills’ U.S. natural and organic products portfolio, which includes the Cascadian Farm, Muir Glen, LÄRABAR and Food Should Taste Good brands. Net sales for these General Mills brands totaled approximately $330 million in its latest fiscal year (ended May 2014).

    Jeff Harmening, General Mills executive vice president and COO, U.S. 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% 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. 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.”

    Under terms of the agreement, General Mills will acquire Annie’s for $46.00 per share in cash. The proposed transaction has an aggregate value of approximately $820 million. The transaction is expected to close later in calendar 2014.

    General Mills intends to fund the acquisition through available credit. The transaction is expected to be accretive to General Mills earnings in the first 12 months following completion, excluding certain purchase accounting adjustments, and transaction and integration expenses.
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