General Mills is selling its iconic Helper brand, as well as its Suddenly Salad brand of boxed pasta salads, to a company owned by a private-equity firm.
The deal will send Helper, a casserole mix known for decades as Hamburger Helper, to Eagle Family Foods Group, a company whose products include Eagle Brand evaporated milk and Cretors ready-to-eat popcorn. Eagle Foods is owned by private-equity firm Kelso & Co.
Eagle will pay about $610 million for the brands, with the deal expected to close in the first fiscal quarter of next year. The two businesses generated about $235 million in net sales last year, according to General Mills.
“This transaction improves our North America Retail segment’s growth profile and allows us to increase our focus on brands and categories where we have the best opportunities to drive profitable growth,” Jon Nudi, General Mills’ group president for North America retail, said in a statement.
