General Mills, the owner of brands such as Cheerios, Nature Valley, Häagen-Dazs, Betty Crocker and Old El Paso, has entered into an agreement to acquire Tyson Foods’ pet treats unit for $1.2bn.
The business, which includes the Nudges, Top Chews and True Chews brands, is regarded as a leader in natural meat treats for pets. The deal will boost General Mills’ portfolio that already includes the Blue Buffalo pet foods label which it bought in 2018 for $8bn.
The move comes amid a surge in pet ownership during the pandemic as consumers spent more time at home.
“Pet food is a high-growth category, fuelled by the humanization of pets, a trend that has only increased during the pandemic,” said Bethany Quam, General Mills Group President, Pet segment. “By adding these trusted pet treat products to our portfolio, we are strengthening our position in this attractive category.”
Tyson Foods’ pet treats portfolio generated sales of more than $240m in the 12 months ended 3 April 2021. General Mills’ sales of pet foods rose 13% for nine months ended 28 February.
