General Mills announces acquisition of Massachusetts-based natural snack foods company Food Should Taste Good; financial terms not disclosed
February 29, 2012
– General Mills announced today the acquisition of Food Should Taste Good, a rapidly-growing natural snack foods company based in Needham Heights, Mass.
Food Should Taste Good will become part of Small Planet Foods, General Mills’ natural and organic products business and will join the division’s category-leading Cascadian Farm, Muir Glen, and LÄRABAR brands.
“This acquisition further positions us for continued growth with a great new brand in an entirely new category in our natural and organic business,” said Michele Meyer, president of Small Planet Foods. “Food Should Taste Good is a strong brand with high-quality products and tremendous potential – and we are fully committed to maintaining the great-tasting, all-natural Food Should Taste Good snacks that consumers love.”
Pete Lescoe founded Food Should Taste Good in 2006 with the goal of making a unique new snack with great taste, healthy ingredients, and sophisticated flavor – the qualities he is most passionate about in food. Today, Food Should Taste Good has grown to become one of the largest natural snack brands in the U.S., and makes natural tortilla chips in a variety of distinct flavors such as Sweet Potato, Lime, Olive, Chocolate, Multigrain, and Jalapeno. Food Should Taste Good’s product portfolio also includes kettle cooked sweet potato chips and other natural snacks.
Lescoe will continue with the business as creative director.
“I’m proud of the rapid growth and success Food Should Taste Good has achieved, and I look forward to working with Small Planet Foods and General Mills to continue this momentum,” said Lescoe. “With its legacy of food innovation and quality, portfolio of iconic brands and leading corporate social responsibility efforts, General Mills is a perfect fit for Food Should Taste Good.”
Food Should Taste Good products compete in the natural and organic salty snacks category ─ a segment that has experienced double-digit sales growth for the past two years and that has outpaced the growth of the broader salty snacks category. Food Should Taste Good snacks are sold at club, natural, and traditional retailers in the U.S. and Canada.
Terms of the deal were not disclosed.
Small Planet Foods was established in 2000 when General Mills purchased the Cascadian Farm and Muir Glen businesses. Since that time, General Mills has established a strong U.S-based natural and organic business that has grown at a double-digit compound annual growth rate. The company added the all-natural LÄRABAR brand to the Small Planet Foods portfolio in 2008 and, with the purchase of Food Should Taste Good, now competes in 14 categories in the fast-growing natural and organic segment.
About General Mills:
General Mills is one of the world’s leading food companies, operating in more than 100 countries. Its consumer brands include Cheerios, Häagen-Dazs, Nature Valley, Yoplait, Betty Crocker, Pillsbury, Green Giant, Progresso and Old El Paso. Headquartered in Minneapolis, Minnesota, USA, General Mills had fiscal 2011 net sales of US$14.9 billion.
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