Report: General Mills Eyeing $3B Sale of Progresso & Hamburger Helper Brands

The potential sale reportedly also includes several smaller brands or parts of the business.

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Bloomberg reported Nov. 11 that diversified food maker General Mills is considering divesting several brands — led by Progresso and Helper — in a deal that targets $3 billion in proceeds.

Citing "people with knowledge of the matter", the report notes that General Mills is consulting with Goldman Sachs in the potential sale, which includes several other smaller brands.

The brands that could be sold would reportedly be attractive to private equity firms, while Bloomberg added that the company may also consider selling other parts of the business.

“The possible divestment reflects General Mills’ dynamic repositioning of its portfolio and may be a catalyst for investing in the pet category or more health-minded products,” Bloomberg Intelligence analyst Conor Cuddy said, with the report noting that divesting the Progresso and Helper brands could enable Minneapolis, MN-based General Mills to pursue acquisitions without raising debt.

For its fiscal 2021 that ended May 30, General Mills had net sales of $18.1 billion — up 3 percent year-over-year, with organic sales up 4 percent. Net profit of $417 million was down 33 percent.

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