Date Closed

July 1, 2011

Lead Office

Montréal

Value

1.20 Billion USD

On July 1, 2011, General Mills announced the completion of its acquisition of a 51% controlling interest in Yoplait S.A.S., and a 50 percent interest in a related entity that holds the worldwide Yoplait brands, from PAI Partners and Sodiaal in a transaction valued at approximately US$1.2 billion. The remaining ownership stakes in both entities will continue to be held by Sodiaal, France’s leading dairy cooperative.

Sodiaal, headquartered in Paris, France, is the largest dairy cooperative in France, accounting for 22% of the country’s milk collection and producing liquid milk, cheese, fresh dairy products, butter, milk powder and dairy ingredients. Sodiaal’s consumer brands include Yoplait, Candia, Entremont, Le Rustique, Coeur de Lion, Regilait and Riches Monts.

General Mills, headquartered in Minneapolis, Minnesota, is one of the world’s leading food companies, operating in more than 100 countries. Its consumer brands include Cheerios, Fiber One, Häagen-Dazs, Nature Valley, Betty Crocker, Pillsbury, Green Giant and Old El Paso.

PAI Partners (“PAI”) is a leading European private equity firm with offices in Paris, Copenhagen, London, Luxembourg, Madrid, Milan and Munich, advising buyout funds with an aggregate equity value of €6 billion.

McCarthy Tétrault LLP acted as Canadian counsel to General Mills, the acquiror. The team was led by Eric Gosselin and included Ian Bies, Frederic Harvey, Michele Lefaivre, Mary Pagonis, Madeleine Renaud, Max Rogan, Rachel Solyom, Dominic Therien, Cindy Vaillancourt, and Veronique Wattiez Larose.