General Mills, Inc. (GIS.US) has spent $1.45 billion to acquire Whitebridge's North American pet food business.

General Mills, Inc. (GIS.US) announced on Thursday that it has reached a final agreement with NXMH to acquire Whitebridge Pet Brands' pet food and treat business in North America for $1.45 billion. In a statement, General Mills, Inc. said that this division includes the Tiki Pets and Cloud Star brands, which generated approximately $325 million in sales in the United States over the past 12 months. The company believes that this acquisition will help further advance its accelerate strategy, focusing on its core markets, global platforms, and local brands to drive long-term sustainable profit growth. General Mills, Inc. will acquire the division from the Belgian private equity firm NXMH, which will retain Whitebridge's European division. The transaction will be funded with cash and new debt and is expected to be completed in the third quarter of the 2025 fiscal year.