General Mills to buy Whitebridge’s US pet food business for $1.45B

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General Mills is expanding its pet food endeavor with the purchase of Whitebridge Pet Brands’ North American premium cat feed and pet treats business, valued at $1.45 billion, it announced today. The cereal giant will acquire the brands from NXMH, which will keep Whitebridge’s European brands.

Jon Nudi, the group president of General Mills’ pet division, said the purchase enhances the company’s standing in the pet space. The Whitebridge pet business amassed $325 million in U.S. sales over the past year, the company said.

“These brands complement our Blue Buffalo portfolio and will help us incrementally grow in cat feeding and treats,” said Nudi. “We’re excited to welcome the North American Whitebridge team to General Mills and to provide pet parents with an expanding portfolio of brands to feed and treat their pets like family.”

The portfolio of brands that are a part of the Whitebridge purchase include Tiki Pets and Cloud Star. General Mills said the purchase will be funded by cash on hand as well as new debt, and it projects the purchase will pass regulatory approval in the third quarter of 2025.

In a note to investors, TD Cowen analyst Robert Moskow said the acquisition indicates how General Mills is thinking about its position within the pet food landscape.

“The Blue [Buffalo] brand does not have as much cache in cat food as it does in dog and the company’s attempts to expand deeper into pet treats through acquisitions has not met expectations,” Moskow said. “The main objective of the acquisition is to gain a foothold in the high-growth premium wet cat feeding segment of the market where General Mills currently does not participate.”

General Mills’ latest acquisition follows four other major pet food purchases the company has made, most notably Blue Buffalo which it bought in 2018 for $8 billion. Ahead of 2024, the Cheerios maker reshuffled its C-suite with an eye on aggressively accelerating its pet division.

The overall U.S. pet food category is projected to amass nearly $60 billion in sales this year, according to Statista data, and is projected to increase at a compound annual growth rate of 5.2% through 2029.

As cereal producers work to combat a period of long-term sales decline for the breakfast food item, they are also diversifying their income streams. Post Holdings, which produces Cocoa Pebbles and Honey Bunches of Oats, entered pet food last year with two major purchases in the category totaling $1.2 billion and $235 million, respectively.