Summary:
General Mills has decided to sell Muir Glen, a smaller brand in its portfolio, in order to focus more on its core products like Cheerios and Progresso. The sale comes at a time when more people are cooking at home to save money, leading to increased demand for products like Muir Glen.
Violet Foods, the buyer of Muir Glen, believes that integrating their fresh-packed tomato offerings with Muir Glen’s organic tomato products will help them better serve their retail partners in the competitive tomato sauces and canned tomato market.
Jim Mitchell, president of Violet Foods, sees the acquisition of Muir Glen as a transformative step for the company. This deal is part of a trend of increased dealmaking in the food industry, with other recent acquisitions including B&G Foods purchasing Del Monte Foods’ broth brands and Smithfield Foods acquiring Nathan’s Famous hot dog maker.