The American manufacturing giant is acquiring Californian firm Fera Pets and will integrate their products into its portfolio.
General Mills has announced the acquisition of dog and cat supplement company Fera Pets, marking the first acquisition by its new equity fund, Gold Medal Ventures.
The multinational hopes the supplement company will bring a âhealth-focusedâ dimension to General Millsâ pet portfolio. âThe pet wellbeing category is on the rise, as more families look to take care of their pets the same way they take care of their own health,â says John Parrish, VP of Disruptive Growth at General Mills.
For Fera Pets Co-Founder Michelle Dulake, General Millsâ scaling capabilities will help further their mission âto create better lives for pets and their families.â
Dulake added that the company will remain founder-led and that she will remain CEO.
Under the new deal, Fera Pets will become part of Gold Medal Ventures. This new venture arm was launched to own and strategically scale aligned businesses for future integration into General Millsâ portfolio.
Business update
In the 3 months ending August 2023, General Millsâ pet segmentâs revenue fell flat, as the company posted net sales of $580 million (â¬542M).
Despite this, General Mills continues to say that its pet division is the companyâs âfastest-growingâ platform.
General Mills acquired Tyson Foods’ pet treat business for $1.2 billion (â¬1.1B) in 2021. Earlier this year, General Mills confirmed it wanted to expand Blue Buffaloâs product portfolio in China.
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