General Mills is exploring a sale of its North America yogurt business, a deal that could be worth more than $2 billion, according to an exclusive report by Reuters news service.
“People familiar with the matter” said General Mills is working with investment bank JPMorgan Chase to gauge interest from potential buyers that could include rival snack food makers and private equity firms. Brands include Yoplait, Liberte and Oui. In 2021, the company said they accounted for $1.4 billion in sales.
Once an integral part of the Minneapolis company, General Mills sold the European operations of Yoplait back to Sodiaal, the current name for the group of French dairy farmers who started Yoplait in 1964.
General Mills bought the rights to make and sell the yogurt in North America in 1977, and in 2021 acquired a 51% stake in Yoplait from Sodiaal and private equity firm PAI Partners.
Reuters observed other big food companies are selling off their yogurt businesses. Danone sold its Wallaby yogurt and Horizon brands to Platinum Equity last year for an undisclosed amount, and Campbell Soup reportedly is looking to divest the Noosa Yogurt unit, which it acquired last year as part of its $2.7 billion deal for Sovos Brands.
