Eagle Family Foods Group LLC entered into a definitive agreement to acquire Helper Main Meals and Suddenly Salad Side Dishes Businesses from General Mills, Inc. (NYSE:GIS) for a transaction value of approximately $610 million on May 25, 2022. The transaction is valued at approximately $610 million. Net sales for the Helper and Suddenly Salad businesses totaled approximately $235 million in fiscal 2021. The company expects the divestiture to be dilutive to its adjusted earnings per share in the range of approximately 10 to 11 cents in the first 12 months after closing, before factoring in any potential benefit from the use of proceeds from the sale. The proposed transaction is subject to regulatory approval and is expected to close first quarter of 2023. Goldman Sachs & Co. LLC served as financial adviser to General Mills for the transaction and Cleary Gottlieb Steen & Hamilton LLP served as legal adviser. Michael Diz, Emily Huang, Maurizio Levi-Minzi, Jennifer Lang, Ryan Rafferty, Scott Selinger, J. Michael Snypes, Michael Bolotin, Nicole Mesard, Caroline Geiger, Kyra Bromley, Paul Rubin and Stuart Hammer of Debevoise & Plimpton LLP acted as legal advisors for Eagle Family Foods Group as well as Kelso & Company, L.P. William Blair & Company, L.L.C. acted as financial advisor General Mills, Inc. (NYSE:GIS). William Blair & Company, L.L.C. acted as financial advisor to Eagle Family Foods Group LLC.

Eagle Family Foods Group LLC completed the acquisition of Helper Main Meals and Suddenly Salad Side Dishes Businesses from General Mills, Inc. (NYSE:GIS) for $610 million on July 1, 2022.