M&A Deal Summary

General Mills Acquires Pillsbury

On July 17, 2000, General Mills acquired food company Pillsbury from Diageo for 10.5B USD

Acquisition Highlights
  • This is General Mills’ 4th transaction in the Food sector.
  • This is General Mills’ largest (disclosed) transaction.
  • This is General Mills’ 5th transaction in the United States.
  • This is General Mills’ 2nd transaction in Minnesota.

M&A Deal Summary
Date 2000-07-17
Target Pillsbury
Sector Food
Buyer(s) General Mills
Sellers(s) Diageo
Deal Type Divestiture
Deal Value 10.5B USD

Target

Pillsbury

Minneapolis, Minnesota, United States
Pillsbury chocolate products on display at a Super One grocery store in Duluth, Minnesota.
Pillsbury chocolate products on display at a Super One grocery store in Duluth, Minnesota.
Pillsbury is a producer of food products. Company brands include Pillsbury, Green Giant vegetables, Haagen-Daz ice cream and Old El Paso Mexican food. Pillsbury was formed in 1869 and is based in Minneapolis, Minnesota.

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Buyer(S) 1

Buyer

General Mills

Minneapolis, Minnesota, United States
Category Company
Founded 1866
Sector Food
Employees32,500
Revenue 20.1B USD (2023)
DESCRIPTION
Entrance to General Mills' corporate headquarters in Minneapolis.
Entrance to General Mills' corporate headquarters in Minneapolis.

General Mills is a multinational manufacturer and marketer of branded consumer foods sold through retail stores. The Company is also a supplier of branded and unbranded food products to the foodservice and commercial baking industries. General Mills' portfolio includes a wide range of well-known brands such as Cheerios, Yoplait, Betty Crocker, Pillsbury, Haagen-Dazs, Annie's Homegrown, and Nature Valley, among others. The company's products encompass various categories, including cereals, yogurt, snack bars, meal kits, ready-to-eat meals, and frozen desserts. General Mills was founded in 1866 and is based in Minneapolis, Minnesota.

DEAL STATS #
Overall 5 of 20
Sector (Food) 4 of 18
Type (Divestiture) 1 of 3
State (Minnesota) 2 of 3
Country (United States) 5 of 16
Year (2000) 1 of 1
Size (of disclosed) 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1999-12-16 Small Planet Foods

Sedro-Woolley, Washington, United States

Small Planet owns the Cascadian Farm brand of organic frozen fruits, vegetables and juices, entrees and pickled foods. It also owns the Muir Glen line of organic canned tomatoes, pasta sauces, salsa and condiments. Small Planet has about 90 employees.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-03-24 General Mills - Oat Fiber Manufacturing Facility

Cedar Rapids, Iowa, United States

General Mills - Oat Fiber Manufacturing Facility engages in the manufacturing of food processing goods. The company’s products include biscuits, cereals, cinnamon rolls/twirls, cookies, mini pancakes, mixes, muffins, baked bars, scones, snacks, yogurt, baked goods, and flour.

Sell -

Seller(S) 1

SELLER

Diageo

London, United Kingdom
Category Company
Founded 1886
Sector Beverages
Employees30,092
Revenue 20.3B GBP (2024)
DESCRIPTION

Diageo is a global producer of beverages. The Company offers a collection of beverage alcohol brands across spirits, beer and wine. Diageo was founded in 1886 and is based in London, United Kingdom.

DEAL STATS #
Overall 1 of 4
Sector (Food) 1 of 1
Type (Divestiture) 1 of 4
State (Minnesota) 1 of 1
Country (United States) 1 of 2
Year (2000) 1 of 1
Size (of disclosed) 1 of 4
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2002-07-01 Burger King

Miami, Florida, United States

Burger King is a global chain of hamburger fast food restaurants. Burger King operates in-house restaurants as well as serves as a franchisor to thousands of independent locations around the world. Burger King was established in 1954 and is headquartered in Miami, Florida.

Sell $2.3B
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