General Mills, Inc. sold its North American Green Giant and Le Sueur vegetable business to B&G Foods, Inc. in an $823 million transaction which closed in November 2015. Faegre Baker Daniels served as lead counsel to General Mills on the transaction.
Green Giant becomes the largest of B&G's food assets through the acquisition. General Mills will continue to do business under the iconic brands in international markets pursuant to a perpetual license agreement entered into in connection with the transaction. The strategic carve-out transaction, part of an effort by General Mills to refocus its efforts on higher growth businesses like natural and organics, was the culmination of a confidential but broadly marketed competitive auction process.