General Mills sells Brazilian ice cream and brand operations for $494 million
General Mills completed the sale of its Häagen-Dazs distribution business in Brazil to Grupo 3corações. The deal also includes local brands Yoki and Kitano, along with supply facilities.
On Wednesday, General Mills finalized the sale of its Brazilian ice cream operations to Grupo 3corações for approximately R$800 million, equivalent to about $494 million at current exchange rates. This transaction covers the Häagen-Dazs distribution network as well as the local ice cream brands Yoki and Kitano. The agreement also includes supply chain installations in Pouso Alegre, Minas Gerais, and Campo Novo do Parecis, Mato Grosso, along with associated administrative offices.
General Mills had previously announced the closure of its Brazilian ice cream distribution service several weeks ago. Under new ownership, Grupo 3corações, which is best known for its coffee brands, stated this marks the group's first merger in 2024. Pedro Lima, president of Grupo 3corações, noted that the company received the legacy with respect and a duty to care for the brands, their employees, and consumer trust.
The deal allows Grupo 3corações to diversify its portfolio beyond food staples into frozen desserts. The group stated the integration will enable them to meet Brazilian consumption across all occasions, from breakfast to dinner, strengthening their position as a major industry player.
