General Mills To Buy Whitebridge Pet Brands' North American Business From NXMH In $1.45 Bln Deal

(RTTNews) - General Mills, Inc. (GIS) announced Thursday it has entered into a definitive agreement to acquire Whitebridge Pet Brands' North American premium Cat feeding and Pet treating business from pan-European investment firm NXMH BV in a transaction valued at $1.45 billion.

The business, which includes the Tiki Pets and Cloud Star portfolio of brands, is a growth leader in the Cat feeding and Pet treating segments, which collectively make up $24 billion in retail sales within the broader $52 billion U.S. pet food category.

With this transaction, General Mills further advances its Accelerate strategy, with a focus on its core markets, global platforms and local gem brands to drive sustainable, profitable growth and top-tier shareholder returns over the long term.

The North American Whitebridge Pet Brands business generated approximately $325 million in U.S. Nielsen-measured retail sales in the past twelve months, predominantly in the pet specialty and E-commerce channels.

As part of the transaction, General Mills will assume operations of two manufacturing facilities in Joplin, Missouri. NXMH will retain Whitebridge Pet Brands' European business and brands.

General Mills intends to fund the acquisition with cash on hand and new debt. The transaction is anticipated to close in the third quarter of fiscal 2025, subject to regulatory approval and other customary closing conditions.