General Mills expands pet food portfolio with US$1.45B Whitebridge acquisition

USA – General Mills has announced its acquisition of Whitebridge Pet Brands’ North American premium cat food and pet treat businesses for US$1.45 billion. 

This strategic move marks General Mills’ fifth acquisition in the pet food sector, continuing its growth trajectory since entering the market with the US$8 billion purchase of Blue Buffalo in 2018. 

The acquisition includes the Tiki Pets and Cloud Star brands, which focus on high-growth segments in cat feeding and pet treats, two categories within the US$52 billion U.S. pet food market that generated US$24 billion in retail sales last year.

The acquisition underscores General Mills’ commitment to its Accelerate strategy, designed to foster sustainable, profitable growth in its core markets. 

Jon Nudi, Group President of North America Pet, International, and North America Foodservice at General Mills, emphasised the strategic importance of this acquisition, stating, 

“These brands complement our Blue Buffalo portfolio and will help us grow incrementally in cat feeding and treats. We’re excited to provide pet parents with an expanding portfolio of brands to treat their pets like family.”

The Tiki Pets brand offers wet and dry food products for cats and dogs, while Cloud Star specialises in pet treats and supplements, with popular products like Wag More Bark Less, Buddy Biscuits, and Pet Botanics. 

Together, these brands generated US$325 million in U.S. retail sales last year, positioning General Mills for continued growth in the pet food market. 

This acquisition aligns with General Mills’ broader strategy to strengthen its position in the rapidly growing pet food industry, which accounts for 12% of its annual sales. 

The deal also includes acquiring two manufacturing facilities in Joplin, Missouri, while Whitebridge’s European operations will remain under the control of NXMH, Whitebridge’s parent company.

General Mills’ move into the premium cat food and pet treat space reflects the evolving dynamics of the pet food market. 

Analysts note that while Blue Buffalo is a strong player in the dog food segment, the company’s expansion in cat food and treats has been slower. 

Robert Moskow, an analyst at TD Cowen, commented, “The main objective of the acquisition is to gain a foothold in the high-growth premium wet cat feeding segment, where General Mills currently does not participate.” 

Strengthening its pet food footprint

The acquisition of Whitebridge further solidifies General Mills’ position in the pet food sector, building on previous acquisitions, including Nudges, Top Chews, True Chews, Fera Pets, and Edgard & Cooper. 

As the U.S. pet food market continues to expand, General Mills’ strategic investments aim to capitalise on the growing demand for premium pet products, driven by an increasing number of pet owners seeking high-quality options for their pets.

General Mills expects the transaction to close in the third quarter of fiscal 2025, pending regulatory approval. 

This acquisition is part of the company’s broader efforts to optimise its portfolio, having recently sold its North American yoghurt business for US$2.1 billion.

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