General Mills May Sell Progresso, Hamburger Helper, Other Brands

General Mills Inc. reportedly is considering selling a handful of older brands, including Progresso soup and Helper, according to Bloomberg.

The financial news service said General Mills is working with Goldman Sachs to explore a divestiture, which might include some smaller brands. The company hopes to raise approximately $3 billion from the sale.

The assets are likely to attract interest from private equity firms, Bloomberg's unnamed sources said. The Minneapolis-based firm has taken on substantial debt with recent acquisitions, including the $8 billion 2018 purchase of Blue Buffalo Pet Products. In March, General Mills sold its 51% controlling interest in Yoplait SAS (the global business) to brand-owner Sodiaal in exchange for full ownership of the Canadian Yoplait business.