General Mills Green Giant: B&G Foods Near Taking Over Frozen And Canned Classic
Aug 28, 2015 10:58 AM EDT | By Victoria Guerra
There's no doubt that General Mills' Green Giant is one of the most recognizable products in the long-running company, but it seems like now a snack food company is eyeing the product to expand their business, as B&G Foods is reportedly just one step away from purchasing the brand.
Although there's no official statement from either of the companies, reputed news outlets have revealed that B&G is currently in late discussions to close a deal to purchase the General Mills Green Giant brand, as they look to expand beyond the snack food aisle towards frozen and canned goods.
The outlet to break the first rumors about the General Mills Green Giant deal was Reuters, as there's currently an auction going on for the brand; while B&G is currently the leader in the discussions, reportedly on the late stages of the deal before it's finalized, other major companies are currently bidding for the classic canned food.
French food group Bonduelle and firms Cerberus Capital Management and Platinum Equity LLC are also currently bidding for General Mills' Green Giant, and there's still a chance for these other companies; CNBC reports that if negotiations fall through with B&G, General Mills is more than willing to step up with any of these other three.
Rumors of General Mills saying the canned and frozen food product first began last spring, and it's been said that the sale's currently being explored by traditional investment bank Rothschild, currently exploring the sale.
According to Just-Food, in all, General Mills' Green Giant could go as high as $600 to $800 million, for a brand name that was first used in 1925 and was owned by the Pillsbury Company for years, until 2001, when the parent company was bought by General Mills.
It's unclear how near to closing a deal the companies are regarding General Mills' Green Giant beans.
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