Eagle Family Food’s $610 Million Acquisition of Helper and Suddenly Salad from General Mills

Cleary Gottlieb Steen & Hamilton represented General Mills in the transaction. Debevoise & Plimpton advised Kelso & Company and its portfolio company, Eagle Family Foods Group.

General Mills, Inc. (NYSE: GIS) has entered into a definitive agreement to sell its Helper main meals and Suddenly Salad side dishes businesses to Eagle Family Foods Group, a portfolio company of Kelso & Company, in a cash transaction valued at approximately $610 million. The proposed transaction is expected to close in the first quarter of fiscal 2023, subject to regulatory approval.

General Mills makes food the world loves. The company is guided by its Accelerate strategy to drive shareholder value by boldly building its brands, relentlessly innovating, unleashing its scale and being a force for good.

Eagle Foods is a leading producer and marketer of canned sweetened condensed milk and evaporated milk products.

Goldman Sachs & Co. LLC served as financial adviser to General Mills for the transaction.
  
The Cleary M&A team included partner Charlie Allen (Picture), associates Kelsey Nussenfeld, Grace Gao, Calvin Ketchum, Yuan He, and partner Jim Langston. Partner Brian Byrne, counsel Kathleen Bradish and associate Clotilde Le Roy provided antitrust advice. Partner Audry Casusol and associate Ashley Powell are advising on executive compensation and employee benefits matters. Counsel Beau Sterling and associate Madison Bush provided advice on environmental matters. Partner Amy Shapiro and associate Eric Olson advised on finance matters. Partner Daniel Ilan and associates Jaewhan Park and Lindsay Harris advised on IP matters. Partner Lillian Tsu advised on capital markets matters. Senior attorney Josh Panas provided advice on real estate matters.

The Debevoise team was led by M&A partners Michael Diz and Emily Huang and included partner Maurizio Levi-Minzi, associates Tiancheng (TC) Huang, Niusha Tavassoli, Sergio Torres and law clerk Jennifer Lang, finance partners Ryan Rafferty and Scott Selinger, associate Elina Sigal and law clerk Timothy Shin, benefits partner J. Michael Snypes and associate Spencer Mizerak, tax partner Michael Bolotin and associate Miriam Yeger, real estate partner Nicole Mesard and associate Anastasiya Kryukova, intellectual property counsel Caroline Geiger and associates Melody Godbolt, Tigist Kassahun and Moses Kim, antitrust counsel Kyra Bromley, FDA regulatory partner Paul Rubin and associate Melissa Runsten and environmental counsel Stuart Hammer.

Involved fees earner: Charles Allen – Cleary Gottlieb Steen & Hamilton; Kathleen Bradish – Cleary Gottlieb Steen & Hamilton; Madison Bush – Cleary Gottlieb Steen & Hamilton; Brian Byrne – Cleary Gottlieb Steen & Hamilton; Audry Casusol – Cleary Gottlieb Steen & Hamilton; Grace Gao – Cleary Gottlieb Steen & Hamilton; Lindsay Harris – Cleary Gottlieb Steen & Hamilton; Yuan He – Cleary Gottlieb Steen & Hamilton; Daniel Ilan – Cleary Gottlieb Steen & Hamilton; Calvin Ketchum – Cleary Gottlieb Steen & Hamilton; Jim Langston – Cleary Gottlieb Steen & Hamilton; Clotilde Le Roy – Cleary Gottlieb Steen & Hamilton; Kelsey Nussenfeld – Cleary Gottlieb Steen & Hamilton; Eric Olson – Cleary Gottlieb Steen & Hamilton; Joshua Panas – Cleary Gottlieb Steen & Hamilton; Jaehwan Park – Cleary Gottlieb Steen & Hamilton; Ashley Powell – Cleary Gottlieb Steen & Hamilton; Amy Shapiro – Cleary Gottlieb Steen & Hamilton; Beau Sterling – Cleary Gottlieb Steen & Hamilton; Lillian Tsu – Cleary Gottlieb Steen & Hamilton; Michael Bolotin – Debevoise & Plimpton; Kyra Bromley – Debevoise & Plimpton; Michael Diz – Debevoise & Plimpton; Caroline Geiger – Debevoise & Plimpton; Melody Godbolt – Debevoise & Plimpton; Stuart Hammer – Debevoise & Plimpton; Emily Huang – Debevoise & Plimpton; Tiancheng Huang – Debevoise & Plimpton; Tigist Kassahun – Debevoise & Plimpton; Moses Kim – Debevoise & Plimpton; Maurizio Levi-Minzi – Debevoise & Plimpton; Nicole Levin Mesard – Debevoise & Plimpton; Spencer Mizerak – Debevoise & Plimpton; Ryan Rafferty – Debevoise & Plimpton; Paul Rubin – Debevoise & Plimpton; Melissa Runsten – Debevoise & Plimpton; Scott Selinger – Debevoise & Plimpton; Elina Sigal – Debevoise & Plimpton; Michael Snypes Jr. – Debevoise & Plimpton; Niusha Tavassoli – Debevoise & Plimpton; Sergio Torres – Debevoise & Plimpton; Miriam Yeger – Debevoise & Plimpton;

Law Firms: Cleary Gottlieb Steen & Hamilton; Debevoise & Plimpton;

Clients: Eagle Family Foods Group LLC; General Mills, Inc.; Kelso & Company;