General Mills Advances Accelerate Strategy and Expands Pet Food Portfolio with Acquisition of Edgard & Cooper
30 Abril 2024 - 6:00AM
Business Wire
General Mills (NYSE: GIS) today announced it has completed the
acquisition of Edgard & Cooper, one of Europe’s leading
independent premium pet food brands. With this transaction, the
company further advances its Accelerate strategy, including the
prioritization of its core markets, global platforms and local gem
brands to drive sustainable, profitable growth and top-tier
shareholder returns over the long term.
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General Mills today announced it has
completed the acquisition of Edgard & Cooper, one of Europe’s
leading independent premium pet food brands. Established in 2016,
Edgard & Cooper is one of the fastest-growing and
most-recognized independent pet food companies in Europe, with
estimated 2023 retail sales of more than €100 million across 13
markets. With this transaction, General Mills further advances its
Accelerate strategy, including the prioritization of its core
markets, global platforms and local gem brands to drive
sustainable, profitable growth and top-tier shareholder returns
over the long term. (Photo: Business Wire)
“Edgard & Cooper is at the intersection of our Accelerate
strategy's core markets and global platforms," said Jon Nudi, group
president, Pet, International and North America Foodservice,
General Mills. "We’re thrilled to welcome the Edgard & Cooper
team to the General Mills family, and we look forward to partnering
together to advance their mission to revolutionize premium, natural
pet food.”
Established in 2016, Edgard & Cooper is one of the
fastest-growing and most-recognized independent pet food companies
in Europe, with estimated 2023 retail sales of more than €100
million across 13 markets. With omnichannel distribution
capabilities and a commitment to sustainability, the brand is
delivering high-quality pet food to dogs and cats across Europe
while reducing its impact on the planet. Headquartered in Kortrijk,
Belgium, Edgard & Cooper will be a separate operating unit led
by its three founders, Koen Bostoen, Louis Chalabi and Jürgen
Degrande, with its financial results consolidated into General
Mills’ International segment.
“We’re excited to join Team General Mills and continue doing
what Edgard & Cooper is passionate about — making better dog
and cat food with real ingredients that pets love and pet owners
feel good about,” said Koen Bostoen, founder, Edgard & Cooper.
“Combining our brand’s natural positioning and commercial
capabilities with General Mills’ marketing and supply chain
expertise, we’re ready to accelerate Edgard & Cooper’s
growth.”
General Mills will fund the acquisition with cash on hand.
Raymond James & Associates Inc. acted as General Mills’ lead
financial advisor in this transaction. White & Case LLP served
as legal advisor. Morgan Stanley & Co International plc served
as exclusive financial advisor to Edgard & Cooper, and
Linklaters LLP served as legal advisor.
About General Mills
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 standing for good. Its portfolio of beloved brands includes
household names such as Cheerios, Nature Valley, Blue Buffalo,
Häagen-Dazs, Old El Paso, Pillsbury, Betty Crocker, Yoplait,
Totino’s, Annie’s, Wanchai Ferry, Yoki and more. Headquartered in
Minneapolis, Minnesota, USA, General Mills generated fiscal 2023
net sales of U.S. $20.1 billion. In addition, the company’s share
of non-consolidated joint venture net sales totaled U.S. $1.0
billion.
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(Investors) Jeff Siemon: +1-763-764-2301 (Media) Chelcy Walker:
+1-763-764-6364
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